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What's the typical process when buying a short sale?

Asked by Trulia, San Francisco, CA Mon Mar 5, 2012

How long does it take? What are some pitfalls?

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5
Lots of factors, patience is a must. The typical process is to make an offer and wait till the bank approves or counters your offer. In some states the house could be foreclosed before the short sale is approved. Make sure you have a realtor and an attorney who understands short sale.
2 votes Thank Flag Link Mon Mar 5, 2012
Could take a few months, more or less to get an answer from the bank and than close. For the most part, the contract to buy needs to be without contingecies. Sometimes this process may take extra patience on your side. Feel free to visit my website for details. I can assist.
1 vote Thank Flag Link Mon Mar 5, 2012
Time and patience. Answers from the bank are few and far in between and the buyer needs to be aware of this up front. Some banks are faster than others and no two short sales are alike.
0 votes Thank Flag Link Thu Mar 8, 2012
Can't agree more with the primary requirement for short sale success: PATIENCE! Aligning yourself with resources that are experienced with shorts/distressed sales is critical to success as well. That ensures that your agent and attorney will know the right questions to ask to determine the likelihood of success.

There's no shortage of buyers interested in getting a deal - what I say to my buyers that say they want to focus on short sales and want a guarantee of closing date is this: "there are two phrases that do not belong in the same sentence: (1) short sale; and, (2) guarantee.

If you do throw your hat in the ring with bid, I always suggest adding language into the contract from the get go or during review, that gives you a clear exit if you choose if you do not have an answer from the bank in say 30 days. That done, I urge my buyer to keep looking so he/she doesn't miss a better opportunity while we wait....and wait....and wait.

Patience, lots of patience....

Best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Wed Mar 7, 2012
Check out this link about short sales in Little Egg Harbor NJ and elsewhere.

http://www.trulia.com/blog/laura_giannotta/2011/10/so_you_wa…
0 votes Thank Flag Link Mon Mar 5, 2012
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