March 11, 2009
Short Sales should really be called Long Sales
Short sales should be called long sales. Instead of waiting a day or two for an acceptance on your offer you’re waiting at the edge of your seat. Only to wait & wait some more. The short sale procedure is long and drawn out. It’s an institution you’re dealing with and they have their own set of rules. An offer presented can’t have a home sale contingency and a good solid offer will have a lenders pre-approval letter attached (if you want them to take you seriously). Because of all the particulars and complexities of this type of transaction I write verbiage into my contracts that protect my buyer. Currently I have a buyer who has been in a three week holding pattern. The buyer has stellar credit - good as gold, oodles of $$ as a down payment and nothing to sell. Our watch is set on eternity time and she’s not happy, but if financial institution accepts her offer, she will be walking into OODLES of equity. Patience is mandatory and this type of transaction is not for the weak hearted.
Short sale transactions should be done with a licensed professional who has experience WHETHER you’re purchasing a home and ESPECIALLY IF YOU’RE SELLING a home. For further information you can visit my website, call me direct at 262-770-7367, email me at mpetersen@keeferealestate.com or visit me on LinkedIn.
Posted By: 
Mary Petersen
Tagged With:
buying a home,
selling a home
and short sales
">
Leave a Comment