Why do Boise short sales take so long? Well they don't always. We have closed some in less than a month. But that IS rare. Recently new HUD regulations have shortened the time for a short sale lender to respond. But that has not really made a huge impact.
This short sale process has changed quite a lot since we began doing them in mass four years ago. Then most banks either accepted or rejected an offer. They took 3 months average for an answer. Some took 6 months or more. The process has been streamlined and often it is done online now. But recently, banks have been coming back with counter offers. In the last 4 months in Boise home prices have risen about 15%. Some areas more, some less. Because of that by the time a bank responds they often get a higher appraisal or BPO (broker price opinion) that went he offer was received. They are required to respond in a shorter time but their response can be the counter offer and that delays it all. If you are going to do a short sale you better be patient. If you are a Realtor, you might think about referring if you haven't a bunch under your belt.
When we began doing short sales there were no customary procedures. We created them. Now most banks have pretty similar procedures and require the same information. Different Realtors have very different success rates. If you are a seller you need to ASK specifically, how many short listings your potential agents has done and HOW MANY THEY HAVE CLOSED. Some have listed lots and have closed very few. Some have listed few but closed most or all of them. Go with the closers. The two of us in my office that do this have closed about 120 and have closed about 90% of what we have listed. You can call me at 208-870-2115. Use www.BoiseMeridianRealEstate.com to look at homes like yours to see comparable prices.
Why Boise short sales take so long is often a direct result of the Realtor who is processing it. I really recommend that you do not use a Realtor who outsources. That means they use another agent or supposed short sale specialist to negotiate. When representing buyers, this has usually not turned out well. One last thing. In the beginning short sale agents were self trained or trained by others of us with experience. Now there are many certificate programs. Know that anyone can give a certificate. Many banks are now certifying short sale experts. Just think: Do they train experts to benefit them, or you? Get more information at www.BoiseHomesandLandforSale.com
Comments (4)Subscribe to CommentsComment