It's us against the Banks when it comes to Short Sales!!!
I always tell my clients "It's us against the banks!" I'm on your side! I take your story, your hardship, your situation and present it to your bank. This is the beginning of a short sale!
Short sales can take 3-6 months, sometimes nine months! Ideally we want this to be shorter, but we're at the mercy of the banks! And they're understaffed and overworked!!!!
Keeping you updated with the truth, while you wait! That's what I do!
For Banks, it's all about their bottom line. They make the decision on what price their willing to accept, if they're going to pay your taxes, your HOA's, any liens or whether or not they're going to pay the buyer's closing cost, termite report, minus any repairs! It's our job to price it accordingly.
After you receive an offer, some buyers ask for closing cost.Seller's always say;
"Who pays for that?", "I have no money to pay the buyer's closing cost", "I have no money for termite" And by the way; Who pays you?
Again the Bank decides everything!
The bank will also send out an appraiser to check the value of the home, the bank pays for this. In order to eliminate surprise, I meet the appraiser to support the value. From there, the bank may counter or accept the current offer. They also decide how much to give your second, if you have one. They too must agree on all the terms including, price, buyer's closing cost, taxes, liens, etc.
There are many steps to a short sale transaction; these are just a few of them. What's important is you're kept in the loop. It's my job to facilitate it all the way to the end, even if it takes 9 months. But none of us want it to take that long!
So, when you hire an agent to do a short sale, are the agents sincere? Are they able to answer your questions and give you some "what if" situations? Can they break it down, so you understand it?
Do you understand the words that are coming out of their mouths?!
If not, call me!
Remember the bank just wants their money, when they want it. Even though they take 3-6-9 months to make a decision, they want to rush to the closing table in 30 days or less. My team is excellent in communication. We are all in this together. Our goal is get the short sale done for our sellers, the house for the buyers, meet the requirements of the lender, paper trail and explain everything! Again, we are in this together!
But... it's us against the Banks!