The process has been getting better, and should improve even more. As a certified short sale specialist I have found that the banks are responding within 72 hrs to the listing agent, with request for access in order to do a brokers price opinion. They will then if they have a complete package assign a negotiator and it will be worked on within 5 weeks. The mitigation specialist has to be in continuous contact. I hope this will help you. Please feel free to contact me at firstname.lastname@example.org
Prudential Florida Realty
I am a CSP agent (sertified short sale professional) and have a lot of experience with short sales, both listing and buyers agent. The short sale is only as good as the listing agent/ negotiator in contact with the bank.
They are worth going after in some areas that don't have REO's.
The banks are getting better, but you have to understand within 18 months they had to set up a whole department, systems of operation, what they can and can't approve, etc...
I have read in several publications about 17-19% of short sales are getting approved and that number is getting better by the month. The reason the number is not higher is because buyers agents don't educate their buyers on what the bank is looking for in an offer. The banks get 2 independant BPO's done (broker price opinion, very similar to an appraisal) and they that is what value they place on the home. You are going to get a very good deal on the home, but don't expect to steal it.
If you have any other questions feel free to call me at anytime.
Scott Riddle, (CSP) Certified Short Sale Professional
Sand Castle Realty Group
There are also several non-short sale opportunities including bank owned properties in Collier. Some values are normal sales where the price has been driven down by the local short sales and REO properties.
I would recommend consulting you Realtor for details. If you are not working with any Realtor currently, I would be happy to further discuss these questions.
I instruct my clients as a buyers agent submit sales offer however keep searching we may never have a return response.
% it depends on property length of time on market. I have seen short sales on market few days sold of full list amount. If home has equity you will have many buyers / investors wanting purchase that house. RULE of thumb when you submit your offer make it best offer.
Home ownership you receive annual tax benefits.
With Short sales the listing agent should be experienced with Short Sales or be on a team that handles Short Sales. The last one I closed took about 3 months from the time of the offer to close. The success of a short sale depends on several factors. So, yes, the time frame has shortened. But, it all depends on having all the paperwork in correctly at one time. The offer price being FMV. The biggest time is the time it takes if it is investor backed. Investor like Freddie Mac/ Fannie Mae. They can take awhile depending on the size of the loss.
If you put an offer in on a Short Sale you should put the offer in at Fair Market Value (FMV). If the offer is not FMV then the bank may not take it. Your savvy agent can help you determine what FMV is.
If you are buying a house having a buyers agent is great to have. It is no cost to you and they represent you. You should have an agent that has dealt with Short Sales to help you through the process.
I can tell you that I have represented both on the selling side and buyers. It can be rewarding to get a great house at a great price with a little bit of time involved.
As for percentage of Short Sales Closing...... I don't know what the recent numbers are but, I am betting that they are higher then what they were. Banks are more prepared, the agents are more prepared and the seller and buyer are more informed on how the process works.
I personally have had positive experience with them. Bottom line it depends on your needs.
I'm sure you'll get many different answers to your valid questions. Here's mine. :-)
The last figure I heard was that about one in seven short sales actually end up closing.
Are they worth pursuing? How much time do you have for your home search? Lots of patience is needed with banks usually taking up to 60 days to reply to an offer.
Most of the paperwork is taken care of by your Realtor, so that won't be too time-consuming on your part. But again, you'll need patience.
We're hoping that overall, the time length will shorten, and we're seeing some signs of that already as some banks and our local Realtor Board are setting some guidelines for all to use.
You are probably better off pursuing the numerous foreclosures we're now seeing in Naples. Many are in great shape, the banks reply quickly, and most importantly, they're priced very attractively.
Ted Epstein, REALTORÂ®, e-PRO
Prudential Florida Realty
621 Fifth Avenue South
Naples, FL 34102
Short sales are a lot of time, trouble and paperwork, BUT, great prices on properties can be had. You must, however, be willing to put up with the 'process'. No, the time length has not been shortened, yet. I have no idea of the % of short sales that end positively, but it is certainly worth the effort to get a fabulous price for an otherwise unattainable property.
Dennis Leffert', J.D.
Lic Real Estate Broker