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Short Sale Advice

By
Real Estate Agent with Northwest Ct Realty

 

 

Attached is a link to a great article in The Real Estate Journal with advice on "short sale" negotiations. I recently helped some buyers make a short sale purchase and it took three plus weeks to negotiate the price. My buyers were cash buyers which we thought would help expedite the process but it didn't seem to at all. Anyone have any advice or experiences to share?

 

http://www.realestatejournal.com/columnists/housetalk/20080214-fletcher.html?refresh=on

 

 

Heather the Realtor Orlando, Lake Mary
LemonTree Realty - Orlando, FL
First Time Home Buyers, Bank Owned Homes
Nothing really expedites the process. Each negotiator at each lending institution can have upwards of 1000 files per person. That means no deviation from their track, they are paid hourly not by the closed file so no incentive. A fax has to be sent to an imagining department who loses half the pages scans them and eventually emails them to the negotiator who your not allowed to call or even email so most the times you are not made aware of missing files or really progress so here are just a few of the reasons why it takes so long.
Feb 26, 2008 12:29 AM
David L. Sartirana
Northwest Ct Realty - Winsted, CT
CHMS

 

Heather, great insight as to the process. Can you imagine what their desks/offices look like. When you talk with these people they are all business, like a machine with no sense of humor. I was helping a client a while back get her home approved for a short sale and  tried to get the woman to open up a little with not much success. Thanks for your post.

Feb 26, 2008 12:38 AM