Short Sales

By
Real Estate Agent with Illustrated Properties

I can,t believe it but I am going to close on my first short sale. This property has been under contract almost 3 months. It has taken this bank all that time to make a decision. If they had taken this much time to check out the buyer they made the loan to this probably would not be a short sale. I have 2 more properties under contract that are short sales and they are dragging along just like the first one. The main problem seems to be that the banks will not make counter offers to these offers. They just sit on the offer and think about it. The owners will pretty much go with the flow but the banks can't make a decision and by the time they do they have lost even more money.Is this the way this is happening all over or am I snake bite.

Comments (1)

Ilyce Glink
Think Glink Media - Chicago, IL
Best-selling author, award-winning TV/radio host.

Congrats on finally closing on your short sale. All of the short sale stuff is really tough so more power to you for sticking with it.

I have found that many people became real estate investors the last several years without planning for a worst-case scenario and now they are turning to short sales to get out. Hopefully it gets better soon.

Aug 21, 2008 07:39 AM