Short Sales: Patience is a Virtue!

July25

This is what waiting for a short sale looks like; a big void.  So, what does a buyer do?  Short-sales are definitely an attraction:  priced below market, sellers who have already dealt with the loss and are, generally making peace with the situation, many are vacated properties.  But, the waiting!  And, waiting!  And, even more frustrating: the lack of communication!  There is no transparency.  You submit an offer and hope the other agent is doing their job.  When I am the listing agent on a short-sale transaction, I do purposefully try to engage the bank into disseminating knowledge (as they have it….and, remember we are working with a bureaucracy and one that is currently overwhelmed).  As the listing agent, I also share any updates with the cooperating Broker.  This helps mitigate the waiting for the buyers involved.  If you’ve decided that a short-sale will offer an opportunity, I would suggest a boat-load of patience, a reasonable amount of resiliency and an accommodating time-line.  Otherwise, the opportunity becomes a demon! 

PS:  don’t be afraid to let your offer be in “back-up” position on a short-sale, as the attrition rate is notorious (we all have a limit to our patience)!!!

About the Author | Janeese Jackson

My job is service...service to you and your real estate transactions! How can you benefit from my 25+ years of experience and expertise? What can I offer to make the process more productive? * Current information on available housing...comparative and competitive market pricing and analysis * Daily involvement in the local real estate marketplace * Thorough, comprehensive knowledge reflecting years of helping others complete their real estate business * Extensive network of professional resources to make the process as smooth as possible My commitment is to you! Being available to you...returning your calls...answering your questions...addressing your concerns...respecting your money...matching your timeline...meeting your expectations...helping accomplish your real estate goals!!

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