How Long Does a Short Sale Take to Close Escrow?

By
Real Estate Agent with Allison James Estates & Homes 01079287

I am not pyshic, I can't tell you, I would have to kill you if I did!! Really there are so many things that can and do change the dynamics of a SS. Does the seller really have a Hardship? Is there a HELLOC? Will the bank accept your low offer? Does the List agent know how to run a SS? Will the selle/tenent rmove out on COE or be standing waiting for cash for keys from the buyer? As Is is a big one. If you have a lot of time then wait otherwise look elsewhere!

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Realtor simple guideline to guesstimate a Homes values! Comparing apples with oranges? How to set values for embellishments? Do you think the old adage of Value equals Location, Location, Location, is true? Views, Pools, special interest additions can add desirability, and then Granite Counters, Travertine flooring, condition, square footage and any embellishments, upgrades, updates you can add to a property is worth 60-70% of the cost. This value will also be depreciated over time. Example would you consider if a twenty year old solid oak cabinette's
value even in good condition is equal in value to cabinets in the newer current color, or are they? Objective would be desirability.

Location is the basis for value. Like Homes within a one mile radius share values, and can be evaluated by sales per square foot within the last 3+ months. Pulses

Comments (2)

Candy Miles-Crocker
Online Real Estate Agent Training - Chevy Chase, DC
Realtor - Real-Life Real Estate Training

Buyers need to be extremely patient if they go the short sale route.  They definitely aren't for the faint of heart.

Oct 25, 2011 08:10 AM
Karen Crowson
Coldwell Banker Residential Brokerage - Rancho Bernardo, CA
Your Agent for Change
I don't tell my clients to avoid short sales but they get a full educatuion about what to expect should they fall in love with one.
Oct 25, 2011 08:15 AM

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