This is a question I think every Buyer's Agent should ask their prospective Short Sale Buyer. There are so many invisible obstacles in the path of a successful short sale closing, that educating your Buyer is absolutely critical!
My area of Riverside County, the Palm Springs Valley, is seeing a huge decline in entry level inventory. If you are looking at that price point, it is approaching the realm of "should I take the Short Sale or should I pay $5-$10/sf more and KNOW what I'm getting and when?"
Even with an experienced List Agent, things can go very wrong. So much is dependent upon which Lender or Lenders are involved. The degree of default. The willingness of the Seller to submit and re-submit docs and most of all...the Negotiator!
THE SHORT SALE TRAIL CAN BE LONG AND ARDUOUS...
Who IS that negotiator? Well..sometimes it's a really experienced real estate minded person that works with me as the List Agent beautifully. However..in my 5 years of listing, negotiating and CLOSING Short Sales, I have found that special negotiator to be the exception rather than the rule.
It IS better now than even 3 years ago. However..I am right now embroiled in a B of A short sale that should have flown through. Four buyers later, four negotiators later and my "new" negotiator is just as uneducated about my file as the first one was. So..I keep re-submitting docs that the other 3 negotiators already have in the file and away we go. That first buyer, second buyer and probably 3rd buyer are already ensconoced in their new homes and laughing about that Short Sale still being on the market.
Are you tough enough? Can you wait long enough? Do you WANT to deal with it? Answer these quesitons truthfully because it COULD be 90 days and it COULD be 250 days..
Comments (1)Subscribe to CommentsComment