Home Buying in Melbourne>Question Details

Katherine, Home Buyer in Palm Beach Gardens, FL

What is going on w/this property -"pending" since early October. Owner is realtor, would think resolution would have been by now.

Asked by Katherine, Palm Beach Gardens, FL Thu Feb 28, 2013

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This question was asked from this property: http://www.trulia.com/property/3004059220-4409-Chastain-Dr-M…

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7
Keith Gordon’s answer
Katherine -

As other people have stated here, this is a short sale property. Some short sale properties can close quickly, within a few months, and other take much longer. Even though our client is an agent, short sales rely on bank/lender approval and this process can take some time.

In my many years working in Real Estate, I have seen short sales close in 3 months and I have also seen others take as long as 3 years.

If you are interested in finding homes in this area, please visit our website and use our search page. http://fl.getmoreoffers.com/search.asp We can help you find properties anywhere in Florida.
0 votes Thank Flag Link Sat Mar 2, 2013
Short-sales are not good deals for every buyer. Many get tired of waiting for them to reach a closing and walk away, forcing the home back on the market to find a new buyer. Eventually it will sell. Currently homes Short-sales are taking as little as 3 months, but some still take 14 months. Each lender has their own rules.
0 votes Thank Flag Link Fri Mar 1, 2013
Katherine,
Do you have interest in purchasing this property?
0 votes Thank Flag Link Fri Mar 1, 2013
Katherine, this is a short sale. The fact that the owner is a licensed Realtor has nothing to do with the process of finalizing the sale. IN a short sale the banks take a long time -- 6-9 months and in some cases even longer to go to closing. Realtors don't like that either, believe me!
0 votes Thank Flag Link Fri Mar 1, 2013
This isn't a short sale...Closing is on the 20th...
Flag Fri Mar 1, 2013
Katherine, I am a local agent in Brevard COunty and I cked this on our MLS and it is not closed. It is still Pending and will close eventually when the banks get thru the paperwork! If I can help you in any way to look for another home in our county, pls call me. Joan 321-960-8500
Flag Fri Mar 1, 2013
Does not matter who is the owner, what matters is who is the lender, what is the offer and does the seller qualify for a short sale relief. Process in some instances have taken almost a year due to lender processing timetable. We certainly do not want these transactions to last longer than necessary as we do not get paid by the hour....the longer it takes the less we earn for the time and efforts put forth.
0 votes Thank Flag Link Thu Feb 28, 2013
Katherine,
Several possibilities; it could be closed, but no one has updated Trulia. It could have a long closing period agreed to by all parties, it could be a short sale which can easily take 6-9 months or more to finalize. If you are very interested, contact a local agent to research it for you. One may appear here, but there is no way to be certain.
0 votes Thank Flag Link Thu Feb 28, 2013
It may be a short sale. Many times short sales can take over 6 months. I had one that went on 11 months before it closed.
0 votes Thank Flag Link Thu Feb 28, 2013
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