Wednesday, February 13 2013
1. Time frame of a short sale.
Well the truth is each lender has their own policies on when decisions may be rendered. With their own internal deadlines. Of course, the lenders generally do not abide by their own published time frames and deadlines. We can only predict certain things based upon past experience and knowledge of the other parties, but every short sale is different and inherently unpredictable. Lenders frequently do not abide by their own (published or unpublished) deadlines, nor do they hold themselves accountable to their own deadlines.
2. Primary elements of a successful short sale.
Successful short sales require a seller's willingness to cooperate, a buyer who is patient, a reasonable appraisal by the seller’s lender, skilled real estate agents, a good negotiator, and a mortgage lender that is willing to communicate frequently with that negotiator. If one party to the short sale is not participating or cooperating, then the entire transaction is in jeopardy.
3.Focus on the Important Elements to Complete a Short Sale
You may hear stories of short sales that closed in two months. There are also stories of short sales that take more than two years. On average short sales take four to six months from the date of the listing to the settlement date. A good number of short sales fail.
The important elements is all parties in a short sale transaction should be flexible and committed. They should focus more on the outcome and less on the process. Their flexibility and commitment may be rewarded in the end.