Real Estate Video Box

Jack Girvan CDPE says:

“6-9 months to get a Short Sale is not uncommon” While I think that statement was more accurate in the past it can still be true today if the listing agent has no clue as to what they’re doing.

I have a listing of a single family home in Massachusetts right now that went under agreement on July 14th 2011, we had an Approval from the first lender (Citibank) on August 8th and an approval from the second lender (GMAC) on August 18th 2011 with a scheduled closing date of August 31, 2011 .

While this deal went very smoothly and in fact will close just as fast as a traditional sale it is uncommon. But, it does demonstrate what can be done if there is co-operation among all parties and the loan servicer, Mortgage Insurance Company and Investor are provided with the proper information to make a quick decision.

It can be nerve wracking if there is no communication among the parties. If the information is properly provided to the lender and the information is presented to allow the lender, mortgage insurance company and investor to all say yes then there is an extremely high chance that an offer on a reasonable offer on a short sale will be accepted.

Short Sales are a great opportunity from a buyers perspective and usually the best option for a seller facing foreclosure.

Much of the negative commentary regarding short sales was in the past when lenders, and agents were unfamiliar with the process. I would suggest that a home seller considering selling the home short, only work with an agent who has a proven track record, special training and has the knowledge of this ever changing segment of home sales. As for a home buyer interested in purchasing a short sale the advice would be the same. Only look at properties where the listing agent understands the process, has the knowledge and training and can get the offer accepted. Unfortunately there are very few agents in the Boston, Massachusetts area that have been successful in getting short sales approved without having to wait.