Tuesday, August 5, 2008

My short sale blew up!

We almost made it! We were so close and 6 months into it, but we couldn't take it anymore! We finally had to give up. We found a house 3 days later, made an offer, they countered, we accepted and we were off to the races! We are going to close August 18th. So, this process, from initial offer to closing will take exactly 19 days. Can you believe it? We waited 95 days for a response from the lender on our first offer on the short sale. They countered and we waited 60 days to hear about that. Then we ran into MAJOR issues with the Home Inspection and the VA wouldn't appraise it high enough. Our deal finally sputtered to a stop 6 long months into it. I took another class on short sales and the consensus was that a short sale averages 5-7 months from initial offer to closing. Unfortunately, most short sales never make it to closing at all. Before the process can be finalized, the home goes into foreclosure, or the buyers give up and move on to a property that's not a short sale.

Short sales are a challenge, but I think they are here to stay! I have 2 listed but no buyer-side deals pending now.

I think that maybe I will have to pass on the next one! The stress, patience and energy required is just more than I can handle! :) I had a wonderful buyer that hung in there a very long time. I don't know if I could be that lucky again.

A short sale is manageable if you can communicate with the lender. That's the key. That's the magic key! It's so hard to get to the right person, but when you do, the process can move forward faster.

Good luck with your short sale adventures. I'd love to hear either your horror story or your fairy tale, happy ending.