Are Short Sales Selling?

Short sales aren't short, but they are getting there. After a package has been submitted I have been getting my BPO's done within two weeks, and an answer within 2-4 weeks after that. That's a far cry from the 4-6 months you hjear about. As long as when the listing agent submits the package, it is complete. There are two reasons why a short sale will take longer. Number 1, the agent did not have a complete package, The listing agent should be getting all the required documents together and waiting until an offer is received and then submitting a package. Number two, the listing agent is submitting multiple offers. If you are a home buyer or an representing one, ask the listing agent if he/she is submitting multiple offers or taking back ups. The best way is to submit take back ups. The only situation where si would put in a second offer is if the first was an investor low ball offer, that wouldn't be accepted anyway. If the second offer is two thousand above the first, it's not worth it to hold up progress for that. If the bank wants more, you go to the first contract and counter, if they won't go to your back up you already have and submit. By this point the listing agent should have a direct email contact in the department fro a fast response.

Buying a Short Sale

Some things you must know before you decide to buy a short sale. The first and biggest thing is it is not a short process. Once you present and offer, the listing agent must prepare a HUD statement which shows the bank all of the fees it will pay. Along with that the agent must submit the short sale package. The bank will then assign a loss mitigator/processor to the file. Then the property has an appraisal. This is what the banks base their numbers off of. This whole process usually takes 30-60 days depending on the bank, and every bank is different. Then the bank will make its decision to accept the offer, decline it, or counter it. Then of course when an agreement is reach it will be our typical 30 days to close. Keep in mind again that every bank is different. In my experience I usually receive an initial answer with in 30 days of submitting an offer. I have heard of some people waiting 3-5 months. So if you are not in a hurry this is a great way to get a home at a great price.