WAITING ON A SHORT SALE...

By
Real Estate Agent with Realty Works

 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.

 Apprehension

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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Posted by

Buy & Sell with Confidence   ✰✰✰✰✰  REALTY WORKS  ✰✰✰✰✰   Temecula,Ca

Adam Kutchuk Pepperdine Graduate                     
 Broker Associate                                      
 United States Marine Corps                  

(951)-282-7376                          
                               If you are Buying, Selling or looking to Relocate to        
(951)-676-5681 fax             
the Murrieta/Temecula Valley area & need help from  
                               a professional  REALTOR, I would like to assist  you!
 

Adam@RealtyWrks.com                             
www.Short-SalePro.com                             
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Comments (4)

Indera Coggins
Re/Max 100 - Dunkirk, MD

Adam, isn't it funny how many times we can tell a buyer that it takes time to get an approval from a short sale bank and they agree and write an offer but, 3 weeks go by and they are ready to withdraw their offer for the lack of patience. Amazing.

Thanks for the post.

Mar 14, 2011 06:53 AM
Karen Burket
Bank of Oregon a division of Willamette Valley Bank - Medford, OR
Valley Mortgage Grou, Conventional, FHA, VA, mortgages

I'm also amazed (and admittedly frustrated), when the bank takes weeks and weeks to respond, then once they DO accept the offer, they want the borrowers loan to close in three weeks.  Frustrating to say the least.

Great post Adam! 

Mar 14, 2011 07:45 AM
Adam Kutchuk Murrieta
Realty Works - Murrieta, CA
Short Sale Specialist Rated 5 Stars

Indera- thank you for your comments.  It can be so frustrating to be waiting for the final approval and then the buyer walks. Short sales teach us patience, patience, patience.

Mar 14, 2011 05:47 PM
Adam Kutchuk Murrieta
Realty Works - Murrieta, CA
Short Sale Specialist Rated 5 Stars

Karen- I totally agree with you.  The short sale process can be so frustrating at times.  Hopefully banks will continue to be more motivated to get rid of their bad debt and deal with paperwork in a timely manner. 

Mar 14, 2011 05:53 PM