And that’s just the average folks. Good overview piece on short sales recently from the Tribune describing the often frustrating process. Personally, the last few months I’ve been involved with 5 short sales, 1 of which has actually closed. I’d like to think my clients know what they’re getting into since I’ve told them what they’re getting into, but even for the well-informed person the waiting and unknowing and lack of communication becomes problematic after a while. Ideally a potential short sale buyer will have no time crunch to move and up front the buyer should be prepared to wait 12-16 weeks to hear something. If you’re not prepared to wait stay away from the short sale properties.
And look at that an informative quote from one of our favorite real estate bloggers, Eric Rojas, in the article:
“Most people really aren’t in a situation where they can deal with the uncertainty,” said Zhao’s real estate agent, Eric Rojas at Prudential Rubloff. “Even when you explain that it’s not accepted until the bank accepts it and you build these safeguards into the contract, people are dropping out, left and right. These sales would get done, but people just can’t wait.”
I am involved in a case where there has been an offer for a short sale pending for 53 weeks (and counting).
What patient buyers you have.