The world of the short sale…it’s not fun!
I just went through a short sale on a home and it was definitely a learning experience. A short sale in my opinion, is the sale of a property for less than what is owed on the property, thus preventing the owners from going into foreclosure. It was a very long process which actually started with an offer to purchase in April and we closed in July. Buyers need to understand this is a very long process. Are you willing to wait a long time to get a deal? That is basically the question we as agents need to ask our buyers. Yes, the buyers did get quite a bit of equity in this house but they had to be patient and wait almost 4 months for the process.
I learned that you must fax documents to the sellers lender a minimum of 3 times to be sure they get them! The selling agent must call at least twice a week and sometimes every other day to be sure the process is moving along! And be prepared that it won’t close on the date you expect!
It was a very stressful process for all parties involved, a lot of paperwork for all parties involved (about 3 times the normal transaction) but in the end all the parties were happy!
Just be prepared if you are buying a short sale…it’s gonna be a long process!