Short Sale: Are they worth the wait?

By
Real Estate Agent with Dilbeck Real Estate CalBRE# 01244000

Short sales, foreclosures: These are the inevitable allies in this market.  And so it is not a surprise that I am now in transaction with a short sale.  Because of the wait, I can just tell that the buyers are already nearing total impatience and borderline surrender.  We are now counting five weeks from the time of bank submission and we hear nothing other than a call promise from the bank's appraiser.  That was a week ago and I have not heard anything yet.  In the meantime, we received another offer from another agent whose Buyer is ready with an all-cash offer.  Great, I thought!  But will they wait for the bank's decision?  And when the bank finally responds, will this be something agreeable to the Buyers?  What about the back-up offer with all cash?  Ordinarily, it is very exciting to have a ton of showings and a couple of offers on a seemingly well-priced property, but the wait is an unknown factor.  I can hardly wait for the outcome of this transaction.  It will be my first foray into short sales.  

Comments (2)

Pete Gliniak
ForeCloseHelp.com - Covina, CA

Rose,

If you haven't already, try and get the email address to the asset manager. They often prefer email and you can save your conversation log for review by your client. It won't make the process any faster, but it will ease the pain of keep your client at bay.

 

 

Jul 01, 2008 05:51 AM
Aram Arakelyan
Realty Needs Network - Glendale, CA

Dear Rose:

Be Patient.

 

Aram Arakelyan

Your LA Broker For Life!

Aug 31, 2011 05:58 AM