Are you considering purchasing a home that maybe a short sale in Schaumburg? Are you wondering if I put an offer on a Schaumburg Short Sale how long will I have to wait?
I have been asked this question many times and I am not sure I have a concrete answer. The success of short sales in largely dependent on who is negotiating the short sale. Typically, when a buyer puts a contract on a home, the seller chooses who negotiates the short sale. In my experience it is usually an attorney who negotiates the short sale with the bank. With the amount of short sales that have flooded the market over the last few years some agents have started to negotiate with the banks in an attempt to close the transactions. With my experience it is my opinion that many of the people who are negotiating the short sales often are not doing a good job. Having personally negotiated short sales, I can tell you that there are several typical road blocks that come up in every transaction. Here are my top 2 that can be directly influenced by the negotiator
1. Paperwork, sellers have to submit all the paperwork to the bank. If the file isn't complete the short sale processing will stop. The person negotiating the short sale should be calling the bank twice a week to confirm all the paperwork is completed.
2. Banks have deadlines that have to be met. If you don't have have the paperwork in by certain dates, this will cause the file to go dormant and not be processed by the bank.
If these two hurdles are overcome, I believe a bank will give an answer within 90 days. Having said this there are cases where they do take longer, due to the banks inability to process the transaction. One option a buyer may consider is hiring their own negotiation company to perform the negotiation. This is rare and may cost some money to do this but if you are getting that great of a deal it might be worth it. The biggest problem for buyers is they never know where the short sale is in the process. If the buyer's agent calls the listing agent, the standard answer is we are waiting on a response.
If your short sale is not resolved in 90 days, as a buyer, you have a tough decision to make and may not have all the facts.
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Keller Williams Team Realty