Would you mind sending me the address? I will take a quick look at it. I agree that a sharp listing agent is required to make the home sell, however I believe that the Purchaser's agent needs to be as sharp as well. Our team usually gets permission to contact the bank to get the latest information, which helps to keep the other parties accountable, and the flow of information slightly more reliable.
Exit Elite Realty
Since you made an offer on a short sale before why not use the agent you worked with before?
Since you have been through this process before at least you realize the chances of closing on this property in three months or even six months are slim. I am sure the attraction to this property is a low price, which will attract other offers along with a denial from the lender. Get a good agent and stick with him or her, chances are there are other properties that are available at a good price without the short sale dissapointment and headaches. Best of luck.
We are expecting a three month time frame after offer submission to see what happens--we are pretty patient and have time on our side. We have put in an offer on a short sale before that was ultimately unsuccessful, so we know mostly what to expect. But this time around we want someone sharp who will be on his/her game in getting things done because our last agent wasn't so motivated.
When you say "complete" do you mean putting the offer together and getting a ratified contract or do you mean completing the transaction? You should be able to get the offer together and get the seller to accept your offer well within two weeks, but the next step is getting the bank to approve the short sale. As Don said below that is not going to happen for several months. If the seller knows exactly what they are doing negotiating with the bank and their ducks are perfectly in a row that is great, the sale is more likely to be approved, but not in less than a few months.
To my knowledge there is no reason or benefit for a purchaser in a short sale to hire an attorney, except to perform settlement. Only attorney's working for the seller can make a difference. Neither you nor your attorney will have the right or ability to delve into the seller's relationship with their bank. Once the sale is ready to close you will hire an unbiased, impartial attorney will perform settlement and insure that you will have clear title. You will also purchase title insurance at settlement which will further protect you from any undiscovered liens.
It may be wise and cheaper to use the attorney that the seller has used to assist with the short sale for settlement. Especially if that attorney works for a respected title company I personally would not be uncomfortable using that attorney for settlement.
I specialize in short sales and foreclosures and please feel free to visit my website. I grew up and live in the DC area, so I know the neighborhoods! I am also a top buyer's agent and know how to protect my buyers.
If you want to put in an offer on a short sale in the next week, I'm sure any of the agents below can help.
However, if you need the transaction completed ("that needs to be completed") in a week, that isn't going to happen. No one can tell you how long a short sale will take, and they generally range from 3 to 9 months. It's certainly helpful that the seller has all her material ready--I assume that includes the hardship letter, past tax returns, current W2s, and so on. But once you submit your offer and the seller accepts--which can take place the same day--then it goes to the lender(s) for approval. And that's where the process can slow down substantially. And no one--not even the best Realtor--can do much to speed the process up. And in this case--since you're the buyer--the agent responsible for expediting the process is the seller's agent.
Having said that, certainly choose the best agent you can. But just recognize what the process involves and what the limitations are.
Hope that helps.
I am currently representing 2 Sellers 2 Buyers in short sales in Washington, DC. 1 of those is in Southeast, 1 in Northest the other two are in Northwest. I also reside in DC. We have a short sale team to not only help buyers navigate through the process as a Purchaser, but also to keep a short leash on the Seller and the bank. Even when professionally negotiated, usually there is a lot of communication necessary to make sure the property closes in a timely fashion. The other factors to consider are - How many lenders are involved - Who are the lenders - How upside down is the property? - Asking these questions will help you understand the potential time frame needed to close on the property. The past two years my team has completed more than 15 successful short sales, and we would be happy to assist you. We also have immediiate references for the latest two clients. Please feel free to contact me this evening!
Exit Elite Realty
Thanks for putting out this question. I have helped 4 buyers in the last 2 years with short sales. While I have investigated far more than that with clients, we only went after the ones that stood a good chance of being approved by the bank. I am strong at assessing the likelihood of a short sale closing, along with all the ins and outs of the process. I try to maximize the possibility that my clients can actually ratify a contract and settle the property in which they are interested.
I look forward to discussing your options and potential offer, should you decide to contact me. If not, no worries, and best of luck to you.
- Jamie Koppersmith, MBA
Licensed in DC/VA/MD (live in DC)
Century 21 Redwood Realty
I would love to review the entire homebuying and short sale process with you. I am a CDPE (Certified Distressed Property Expert) with 2 years experience with short sales and over 11 years in real estate sales. This designation has assisted with the origination and completion of short sale transaction for my clients. I would love to speak with you in more detail regarding your case.
Real Estate Professional
Keller Williams Preferred Properties
240 737 2726. Office
Licensed in DC. MD, VA
W.C. & A.N. Miller (A Long & Foster Co.)
I would love to help you with this process. Feel free to contact me at 202.256.1234 - mobile. Thanks & I look forward to speaking with you.
Keller Williams Capital Properties
202.256.1234 - direct
email@example.com - email