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David Tapper

SHORT SALES – PART 1

Happy New Year Everyone. I hope you had a safe holiday.

Everyone is always looking for a good deal and they are out there if you have time and patience.

Short Sales are one way of finding a good buy. The pros to Short Sales are that buyers can pick up a property at below market prices. Sometimes. But at what cost? Time. The investment of time.

Many agents and their buyers hate Short Sales because they can take from a best case scenario of 2-3  months, to a worse case 6-12 months before the bank gets back to you with their answer.

That’s right. It could take 6-12 months before you even know if you are going to get the property and you still may not get it for the price you offered

I recently read on Active Rain, (a Popular Website for Real Estate Agents)an agent is entering their 18th months waiting on a Short Sale. There were complications that were not the norm but that’s rediculous.

You might ask why?  Why does it take so long before the banks get back to the buyers who made offers? That’s a whole different story all to itself and will be answered in another blog. There could be multiple problems involved.

More importantly, this is the question you need to ask yourself. Is it worth the wait if you can purchase a home for less than the market value versus the amount of time it may take? Only you  who can answer that.

This is what I would suggest if you are looking to purchase a Short Sale or looking to sell your home as a Short Sale.

These things may speed up the process. Work with a knowledgeable agent who knows the in and outs of the Short Sale process. Insist that your agent use an exprienced 3rd party negotiator. This is someone who works at negotiating for all the parties involved (The Buyer, The Sellers, The Agents and The Lender) and does this as their profession.

If you are the seller, make sure to fill out your package completely so the bank and the buyers are not waiting for you.

In my next blog, I will address some of the reasons Short Sales take so long and Solutions to fix the problem.

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Comments

6 Responses to “SHORT SALES – PART 1”

  1. Max@Walnut Flooring on January 15th, 2010 11:26 am

    Ah yes, time. Time is definitely a crucial component to any sale and getting good deals. Having the patience to wait and really look around can really pay off in the end. Thanks for the article.

  2. Tweets that mention SHORT SALES – PART 1 | TeamTapper.com -- Topsy.com on February 7th, 2010 7:15 pm

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  3. Jeff @ Grande Dunes on March 21st, 2010 9:42 am

    Completely agree David. I think one of the most important factors in a short sale is the real estate agent. When I am working with buyers who want to pursue short sales in the Myrtle Beach area I focus on listings of agents who I know are experienced in short sales and can get them approved. Same is true when listing your property. The agent has to be knowledgable or it will never get approved.

  4. David Tapper on March 23rd, 2010 5:00 pm

    I always tell people the difference between a good agent and a great agent is their knowledge and their ability to use that knowledge to their advantage.

    Thanks Jeff.

    Tap

  5. Michelle@All Around Foreclosures on March 28th, 2010 3:58 pm

    Good thought. I’ve been recommending to all of my clients to find a good accountant during the process as well. Thx.

  6. Jens@manche on December 17th, 2012 10:30 pm

    What’s up, everything is going well here and ofcourse every one is sharing facts, that’s actually excellent, keep up writing.

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