Back in January, I wrote a post on getting my Certification as a Short Sale Specialist.
Last night we had a situation come up which confirmed that was the smart thing to do. We have a Buyer Client who was interested in making an offer on a Short Sale listed in the MLS. So we called the Listing Agent up and asked the following questions to see how far along in the process it was. A short sale is where the bank agrees to allow the seller of the home to sell for less money than what the bank owes.
Here is what you need to know before moving forward in purchasing a short sale:
- Have you spoken to your lender or has your Realtor?
- Have you missed any payments? How many?
- Have you ordered the “Short Sale” package?
- Have the sellers submitted the hardship letter?
- Have the sellers tried to get a loan modification?
Suffice it to say the listing agents we spoke to last night, had no idea what we were talking about. What package? What letter?
We told our buyer to move on.
Typically a Short Sale takes a minimum of 12 weeks.
I said minimum.
It can take much, much longer.
Sellers in Ann Arbor ask your Realtor BEFORE you list if they understand the Short Sale Process and know the right procedures on Selling Short Sales. If not your home will sit, sit, sit.
In this case a Realtor with experience in Short Sales and banks is critical.