The old joke amongst us Realtors is that short sales are ANYTHING but short! Many of us have experienced playing the waiting game for 6+ months waiting for the lender to approve the sale or not approve the sale, and then frustratingly have to start looking for houses again (on the buyer side) or start praying for a new offer (on the listing side) before the house goes into foreclosure.
Fortunately, things are getting better! The government and in many times, the banks themselves, have been implementing changes that make the short sale process a lot more user friendly! Fannie Mae (one of the largest loan investors) is really helping that now – read this article for more info – and I’m sure that’s going to motivate others to follow suit!
I am happy to report that my last few short sales have been much more streamlined and easier to close. Yes, I would still recommend 120 days to close, but for the buyer to get a good deal on a home and for the seller to be relieved of some of their financial burden, it’s usually well worth the wait for everyone involved.
If you or someone you know owes more than what your house is worth and can no longer afford to make payments, you may be able to avoid foreclosure with a SHORT SALE. Contact me for more information!