Short sales have been a grueling process in many cases in my experience..
. Some have been so timely and we actually closed in less than 10 days... Others have taken 3-4 months...
What does this year have for us in 2010 for short sales?
I think it should get better... With the new guidelines (see blogs below with full 44 page report) that are supposed to take in effect in April 2010 it should streamline the short sale process within every bank.
I am optimistic that this will happen even though staffing within these banks, I believe, has been a huge issue. Not enough man power for the job.
I spoke to a Bank of America negotiator the other day. She told me there were over 3,000 representatives attending a workshop for new trainees.
We will see how it goes... I deal with some reps who are not very good and then others that know what to do. We will actually call the line multiple times to get someone that we feel confident will provide us decent results in a timely manner.
Seller:
The strategy for your agent representing you on the sale:
Ensure they have a full package.
Aggressively call to ensure they are moving along (We call every Monday and Thursday)
Seller - Be tolerant - Some may be quick, others may take some time - But, hey - You may have just avoided a foreclosure.
Buyer:
The strategy in buying a short sale:
Be sure the listing agent knows what they are doing with a short sale. If not valuable time could be wasted on a property that you may never purchase.
Be sure you have a good buyer's agent interviewing the listing agents that have the properties to ensure they are experienced.
Be tolerant on getting a good deal - In our Southwest Florida market, if you make a short sale or foreclosure purchase, you are doing well. As there is A LOT of buying activity!