Question Details

Joanne LaFle…, Real Estate Pro in Fort Meyers, FL

Are you finding that some of the short sales are closing faster than some of the foreclosures>?

Asked by Joanne LaFleur, PhD, Fort Meyers, FL Mon Jan 9, 2012

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Yes, it is rare, but it does happen.
0 votes Thank Flag Link Tue Jan 10, 2012
Hi Joanne,

Not even close around here.... have a couple of 5 month short sales going on while the last REO closed in 14 days.
0 votes Thank Flag Link Tue Jan 10, 2012
Not necessarily, it really depends on the Sellers willingness to cooperate, agents input, and the bank. All in all, I see unapproved Short Sale listings taking longer than true REO foreclosures.
0 votes Thank Flag Link Mon Jan 9, 2012

You are correct...the reality of our short sale market is that lenders have finally accepted them. With this said, as sellers responsible present their situations and take care of the mountains of paperwork some lenders are finding their way to establishing "bank approved pricing" which makes the transaction move much easier because all of the investigation and problem solving has been taken care of prior to the listing hitting the market.

Let's hope the trend continues and buyers can finally take this important segment of the RE market seriously.

Good point.

0 votes Thank Flag Link Mon Jan 9, 2012
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