Monday, June 8, 2009

Short Sales Aren't Short

Only time for a quick post today. This one’s about how long a short sale takes. They’re rarely short.

Lawyerly Disclaimer: This is just the story of 1 transaction. All short sales are different, your mileage may vary.

I have a short sale listing. We got five offers within the first week of being on the market. Most of the offers were over list price, but none was enough to make it not a short sale. Four of the five were cash buyers.

I sent the offers to the seller’s lender in the first week of April.

The seller’s lender sent me their approval of the short sale last week, the first week of June.

It took the seller’s lender 2 months to decide whether they’d allow a short sale.  In my experience that’s pretty quick.

During that two months, two of the potential buyers walked away. Another two hung in there but privately told me they were looking elsewhere while they waited. Only one buyer hung in, and stopped looking at other properties.

Just sayin. (follow me on Twitter)

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