Welcome to the world of Real Estate 2011. You see a property you like, you want to write an offer on it and you find out it's a short sale. But you really want to purchase that property, question is how long is this process going to be when you're on the buyers side. Where you have no control of the transaction like you would have on a traditional sale when it's a buyers market.
Key factors to know how long this short sale process could possibly take when you're on the buyers side.
1) Which bank is it you are dealing with. This is crucial because each bank vary on how they process their short sale. In the past banks were taking 6 months to 1 year to process now it's more like 3-6 months. Some of the smaller banks tend to be quicker but the bank actually tells you, which leads to number 2.
2) Is the Listing Agent an experience agent in dealing with short sale, I've learned that having a designation means nothing because some agents have NO clue to the process. Is the Listing Agent diligently working on the file and supplying the banks everything they are asking for in a timely manner and is constantly updating the buyer's agent to the steps in the process. If the Listing Agents ask the banks actually will tell them how long it will takes. Number 3 is a KEY point of where the process is.
3) Has the BPO been completed yet. Depending on this answer will hold true to where the short sale is. If the BPO has not been completed most likely it is in the beginning stages of the short sale. If the BPO has been completed it is nearing the ending of the process. The BPO gives the banks investors an evaluation of whether the current offer is justified by the market value of homes in that area and this is where they accept, counter, or reject.
It doesn't take a rocket scientist to know how long it's going to take, it just take good communication, and an agent who knows what they are doing. Again Welcome to the world of Real Estate 2011.
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Damon J. Brockenberry (Damon The Agent)
Your Washington DC Area Realtor
Servicing Washington, DC, Maryland, & Virginia
cell: 240-694-6460 e-mail: sold@damontheagent.com
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