Waiting on a SHORT SALE...
We all hear about the buyer's having to wait and wait to hear if the lender is going to approve
the short sale after the listing agent has submitted the offer to the bank.
What the buyer's and sometime also the buyer's agent don't understand is even if the listing agent is doing everything right each lender has it's own process and push as we may the process always takes more time than it should. My job as a listing agent and short sale specialist is to make sure that the sellers I work with are getting their files worked. It's a fact that the squeaky wheel does get attention and you can shorten the time to approval if you stay engaged with the lender and keep the pressure on them to approve the sale.
What buyers need to understand is that we hate the wait as much as they do. Keeping the buyers agent updated is key even if there is not much progress to report. I let them know I am on top of it. Most short sales do get approval and the good news is the lenders have seen the light approving a SHORT SALE saves them money. Duh!!!
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