I was recently given a question to answer for our local Newspaper

I would add that there is an unspoken shelf life for buyers of short sales.  This is somewhere between 2.5 months to 3 mohths.  Which is usually when the home is almost approved for the short sale.  Kristine

I represent buyers in about four short sales a year - they usually take 6 months from start to finish.  There is one positive aspect that hasn't been mentioned but in our market if a buyer has a FHA loan or a strict budget they are often left out in the cold.  One client's limit was $280,000 - every house we wrote on went way over asking and ending up in the $300K range.  We finally saw a short sale where the buyer had walked. Although they were in contract for $320,000 the house didn't appriase so the agent was happy to take our offer for $280,000.  With REO's we are often left in the dust by all cash buyers.  I find that the short sale sellers and their agents will often take the highest price.  My clients tend to be single female first time home buyers who have the patience to wait and are on month to month leases.

I find the most patient buyer in a short sale is the investor who doesn't plan to move in to the house and just sees it as one more transaction in his business portfolio.

Nice answer and just a note your word count is 181? not sure if that matters.

Short Sale buyers need the partience of "Jobe" and the time of "eternity".  However if it is thge right house many will wait.  Just make sure they can wait.  We have been very successful in getting Short Sales done and we get all closing costs paid.  We also get a home warranty in 90% of the cases.  it is all in how you right the deal.   If it is a low ball deal, you get nothing.  Make it a real serious and well investigated deal and everyone will be happy and you will get more closed.  Low ball offers in a short sale are a "solution to lose".  You might work low ball offers with REO's or regular sales, because you get immediate feedback.  They rarely work on a Short Sale.

Wait a minute... you didn't answer their question.

Do you think an average buyer is patient enough to wait?

You need to say yes or no - and here's why...

Hi Angela,  very nicely written answer and I'm sure many will find it very helpful.  But... they asked if the average buyer.....  and I'm not clear on your answer.

Angela, I find that most buyers don't want to wait out the process since many homes don't get approved for a short sale after months of waiting.   It has gotten better.  One thing though: Most of the short sales I have done had the closing costs approved by the bank.  I always put in the offer that the closing costs has to be approved by the short sale lender as the seller cannot come out of pocket to sell (if it is my seller).  Usually they will allow 3%, occasionally they come back with another figure that is lower. 

I agree with Marte. You didn't answer the question. I don't think today's buyers do because .... personally I don't think that the hassle is worth the price.  Just buy another nice home of which we have plenty of inventory.

statistically according to NAR the answer is no - but what fun would that article be to read.....

I find its the bank were dealing with that will be the deciding factor. Some banks are much faster and better to deal with than others. There is no streamline still.

Your answer was right on, dimple, & to the point.  congratulations on being asked to contribute.  That cannot but help your exposure & your business.

Good answer.  Congrats on getting this great pr opportunity.

What a great answer. Short sales are a time consuming; however, if the buyer can get a great deal on an investment property then why not? Find those investors and have them wait! It is worth the time to have a great ROI. Would you agree? 

Short sales are never a guarantee, but under market value? Yes, I'll take one please.

Lily Ta

CDPE

Angela, very good response to them. If you were to add anything I would suggest the fact that with a short sale a buyer should not become emotionally attached to the home and due to the nature of the situation most buyers are bringing emotion into the decision.

Robby

I think your answer it right on.  You can never tell what is going to happen while waiting on the bank to approve your offer.

Excellent response.  I'm currently working with some folks, that made an offer on a short sale.  Only problem is the listing agent has no clue what he is doing.  It is his first short sale listing.... he has no idea who the bank, when I asked him if the list price was bank oked...he says what do you mean.  So we are pulling our offer and moving on.

Angela - Good question and good answer on your part!   All buyers think they have the patience even when you tell them it could be months.  Once were are in the process, I see a lot of impatience!  Congratulations to you on the request!