Great article from the washington post, encouraging buyers of short sales to be prepared for a long haul... and also be prepared to eventually walk away because quite frequently they do not work out. We had a recent situation where A short sale actually worked out but it took 5 months and we had to pull alot of strings to get it to close. They can work out but we advise our clients to not become too emotionally attached, because the process is so unpredictable.
Here is the Article, a Question and answer session between a post reader and a columnist:
Be prepared to move on from a short-sale home
By Ilyce R. Glink and Samuel J. Tamkin
Saturday, August 7, 2010
Q: In January, we bid on a short sale that was three lenders deep. Every time we get an update from the banks (via the listing agent), the property is "in review" with the lender. We knew it was going to be a long process with three lenders; however, it seems that it is going nowhere. We'd really like to move forward with this property but are at a loss as to what we can do to get to the status of this sale and help move it along
A: There's nothing you can do other than to tell the lenders that they have three, five, seven or 10 business days (you decide the timeline) to take your offer or not. You have to make it clear you are moving on after that time.
Then be prepared to back off and start searching for another property. Short sales are notoriously difficult, and lenders are taking up to six months to decide what to do.
Click Here for the Full Article
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