Short Sales Seem Horrible
Posted Feb 11, 2008 @ 8:06 pm, Viewed by 491 Visitors, Read 532 Times.I haven't done a short sale yet, but from what I hear I shouldn't be anxious to do one anyways. I mean it's already hard enough selling property right now, a short sale just adds layers and layers of uncertainty. The fact that offers on short sale properties must be reviewed by the lender is one of the biggest problems. It's not so much the fact the offers have to be reviewed, but it's the time that it takes for them to do it that's the problem.
I've spoken to several agents who have short sale listings, mostly because I get so many inquiries on short sale real estate, and I usually hear something like "well we've sent three offers to the lender but it's been over two months and we haven't heard anything".. WOW. Ok, so as a buyers agent I have to tell my client that it could be two to three months before we even get a RESPONSE from an offer? Sounds like fun to me! 
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Yep, I've been there and it's true. Waited 2 months just to get the ball rolling with 2 offers I had sent (on my listing). Finally, the 3rd & best offer comes along & we're already in this for 2 months but the bank accepted it within a week! Just good timing on that buyer's part. I now have a buyer waiting on a short sale listing & she's bugging me to get information. I know from my own listing that if we haven't heard anything, there's no "information" to get. But I have to do something to keep her happy during this waiting period (& she's been told what to expect), so I have to bother the listing agent every couple of weeks. Oh well, it beats taking these buyers out in this terrible weather in Chicago.
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Hamid Grinage is a Realtor with the Grand Lake office of Prudential California Realty in Oakland. He is E-Certified, a graduate of Sonoma State University, and a member of the National, California and Oakland Association of Realtors.
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Interesting commentary Hamid. I've heard the same thing about lender response times which seems so counter-intuitive. You would think that they would be jumping through hoops to get these properties into contract and off their books. Are others finding that it takes a LONG time for lenders to respond to offers?