How long does the process take?
A successful short sale has many variables stemming from the lender to the investor and even the seller, each are critical components to a smooth short sale. Based on our experience we have seen a short sale typically take between 3-5 months, so it is very important to make sure you have an experienced real estate professional handling your clients case.
How will I know where we are in the process?
Once a contract is ratified and your buyers offer is accepted, we will then provide weekly updates to homeowners and buyers agents on the status and stages of the short sale file. Updates are a transparent way to keep both the buying side and selling side on the same page.
What happens if an offer is not accepted within 90 days?
Whenever an offer has not been accepted or reviewed within the 90 day window, we ask to have an initial 30 day extension to give the lender more time to process the offer.
What if you have multiple offers on a property?
We are required to present each and every offer to the seller of the property; it is up to the seller to take the best offer based on price and conditions to get a short sale approved. Once a contract is ratified, the contract must then be submitted to the lender for approval. We will work with you and the client to establish best practices and preferred contract contingencies to help give the best chance of success.
Have more questions? Contact us today – our team is here to help.