When a Minnesota Home Buyer makes an offer on a short sale they want to know when they will be closing! The challenge with short sales is that we don't even know when the sale price will be approved on most of the short sales, and once they are finally approve then you will likely get a window of 30-45 days to close.
The best approach to making a short sale offer is just to KNOW IT WILL TAKE LONGER THEN YOU THINK! This way you get less upset when it does take longer. The short sales do normally work out, but they don't normally come together in the time frame you want or even the time frame that your told.
I now have to tell buyers it will take 3 to 4 months. Can they get done way sooner? Yes, they can get approved in only a handful of weeks and close before its been 3 months, it just does not happen that often and it normally does not happen for the buyer that wants it to happen fast.
If a buyer is on a deadline to close a home in 2 months, then a short sale is not a wise option unless its one that's been pre-negotiated and even if its been pre negotiated that doesn't mean its an automatic that things go smooth.
It does help tremendously to have an experienced listing agent, buyers agent, mortgage person and title professional when buying a short sale. Any one of these 4 dropping the ball could cause the deal to delay longer.
Lately I have had some short sales come back asking for a higher price then my buyers have offered and in a couple of those cases the price has been higher then the listing price. So you could wait 2 months plus on an offer that was at or close to the listing price and come to find out the BANK wants more!
This can be very frustrating for buyers, so if your not ready to deal with the waiting and the potential for a different price counter offer later in the process then short sales may not be for you!
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