Dear Rich,

With all do respect, if you know of agents who refuse to show a home due to the fact that it is a short sale, perhaps you might suggest to them to find a new career. The fact is that most short sales do close if the agent does their homework and submits the proper paperwork in COMPLETED FORM. As a listing and buyer agent of short sales, I would like to add that, when I am working as a buyer's agent and they want to submit an offer on a short sale, the first thing I do is contact the listing agent and ask if they have any experience in short sales. If not, I hold their hand and walk them through it step by step, as did the agent on my first short sale listing. The main reason short sales don't close is due to incomplete and improper submission of the information required by the lender.

We are in this business to help buyers and sellers and if we only go after what comes easy then we are no good to anyone. I am well aware that short sales can be long and difficult, but I haven't had one fall through yet. It takes a lot of extra effort on both agents' part, but the end result is well worth the effort. If you can help a person avoid foreclosure and put a buyer in a home at a discounted price, it seems to me you've done a great job for everyone involved.

Linda S. Cefalu, Realtor
ABR, SRES, CDPE
Recipient of Five Star Agent
Award 2008 & 2009 Milwaukee Magazine
BNI member in Good Standing

The fact is that many short sales will never close. I know many agents who flat refuse to even show them. I do show them and make offers. Before I take my customers into one, I ask a lot of questions to determine if it is likely that it will close or not. Many agents who have listed them do not know how to close them

HI! I completed a short sale a few months ago and it took 8 months and 9 asset managers who are the people that the bank has assigned to work on the property on behalf of the bank. My clients thought it was worth it as they were the tenants living in the property. If you continue to wait too long and you don't get the property, here in Orange County the prices are starting to go up as the banks list the properties low to sell and get multiple offers. You have to decide if it is worth the wait.

Good Luck!
Barbara Robbins-Olexa, Broker, e-Pro Internet Certified, SRES(R)
L B Brokerage
714-296-7270
bstrealtor@aol.com http://www.barbararobbinsolexa.com
Servicing Long Beach and Neighboring Communities for 30 years

Utlui,

The first thing I do when working with my buyers is explain the differences in shortsale, foreclosure and conventional listings. That way they know up front what to expect. Unfortunately, I'm afraid the previous answers are correct as well. My experience in Wisconsin has been anywhere from two to 12 weeks. The good news is. If you got a good deal, it's worth the wait.

Linda

Buy a house that is not a short sale, close in 30 days and enjoy your smart decision to own a home!

Good answer. If the offer was what the bank will accept, in other words the agent was smart enough to list it at that aproval price, it should be a short wait. On the other hand if the agent does not know the approved price, or let the seller set the price well above what the bank will accept, the wait for a response can be forever, if at all.

And that's the right answer. Short Sales can take anywhere from 30 days to more than 6 months to be approved and close escrow. The average is now 2-4 months for approval. Is your agent also the Listing Agent?

All you can do is continue to look at other properties and have your agent continue to stay in touch with the Listing Agent during the Short Sale Process.

If I can answer any other questions for you, please call me. I have been both a Listing Agent and Buyer's Agent on many Short Sales and find that they are all very different.

Cyndi Mino
First Team Real Estate'714-349-2424 http://www.cyndimino.com
cyndimino@gmail.com