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The lengthy short sale process is very much a reality in the real estate market today. I advise my buyers and sellers that if you are involved in a short sale transaction, you generally should brace yourself for a 45-90 day wait. The average in the Washington metropolitan area tends to hover around 60 days, which accounts for the time necessary to get bank approval and the time necessary to process the buyer's loan...and that is often the best-case scenario. I have one client who has been waiting for a response since late March, but the house is such a great deal, she's trying to hold on.

As the listing agent on short sale listings, the process is very frustrating when buyers fail to understand that there isn't much the buyer's agent or listing agent can do except ensure the appropriate documents from the seller are submitted to the lender in a timely fashion. The lenders are on a learning curve and usually don't have to process the volume of transactions that they do now, so be patient. It takes time.

 

Submitted: Aug 5, 2009    Views: 115    Comments: 0    Likes: 2   


View Article: http://www.usatoday.com/money/economy/housing/2009-08-04-short-sale...


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