If there is one thing I stress to borrowers considering a short sale it’s that our job is to sell the home multiple times. I know that sounds funny on its face but allow me to explain.
Today’s world is many things if not efficient. We have instant communication, instant news, instant food and coffee, information at our fingertips, etc… We have become accustomed to things we want or need happening quickly and efficiently. The problem is the short sale process is not efficient or streamlined by any means. In fact, I am hard pressed to think of any other financial transaction of equal magnitude that lacks efficiency on the scale of a short sale.
Part of the problem is each bank/servicer has different requirements. Some lenders require the short sale package to be faxed while others have you submit it online. Each bank/servicer also has different rules as to how and when an offer can be submitted to the investor for review. For example, some banks still require that the loan be delinquent prior to them reviewing any offers. Then there is the fact other interested parties like second lien holders, HOA’s, mortgage insurance companies, divorce attornies, judgments, creditors, bankruptcy court, and more may be involved. Finally, there is the govenrment’s HAMP and HAFA programs that can tie up the process. We also have to acknowledge that every bank’s short sale department is overwhelmed and negotiators over worked.
No two short sales are the same. I have seen some short sales processed and approved very quickly and some that have taken well over a year to complete. Some buyers get impatient, or their situation doesn’t allow for an extended review time, and they simply walk away. Having a buyer walk isn’t anything to worry about. More often than not, there are many benefits to be gained from having a buyer in the first place.
That’s why I don’t sweat it if the buyer gets impatient and walks away! We have to focus on what we can control. If the home shows well and is priced right for its condition, another buyer will come along and buy it. The difference the next time around is we usually have an idea of what the bank is willing to accept and the process becomes more efficient.
Thinking about a short sale? I can help you with your Denver short sale and never pay the bank another penny. Send me an e-mail at firstname.lastname@example.org . I will be happy to answer any questions you have or meet you for a no pressure, no obligation consultation in the privacy of your home.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 303-437-1239
Discover how other sellers successfully completed a short sale and request a free consultation by contacting me today!
Thanks for reading this!
Joe Hildebrand is a real estate agent at RE/MAX Unlimited
Phone: (303) 671-3078 email@example.com
Joe Hildebrand specializes in short sales in Denver, Colorado. Denver Short Sales. Denver Short Sale Realtor. Centennial Short Sales. Centennial Short Sale Realtor. Castle Rock Short Sales. Castle Rock Short Sale Realtor. Parker Short Sales. Parker Short Sale Realtor. Highlands Ranch short sales. Highlands Ranch realtor. Littleton short sale.
Lone Tree short sale. Aurora short sale.