Well I had a listing that started out great and after 70 days without any offers we lowered the price. Then we lowered it again and then finally received two offers on the property. This has put it in a short position.
We are in the process with the bank and now are waiting for the bank to respond. They tell me that we will have an appraisal within 7 days. What will happen and how soon is up to the bank.
As realtors we need to keep in constant communication with our clients as well as the bank through this process.
We need to tell our clients that the short sale process may be long and find out how willing they are to be patient? Every case seems to be unlike any other so there is nothing to compare and guage it to.
Keep in contact with the buyers especially. A buyer needs to understand that they may be waiting a long time to get an answer from the bank. The banks seem to be getting better at this. But we still need to keep on top of it.
Of course most of us already know this info. If you have any suggestions or want to start a discussion let me know.
Happy Short Selling.
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