Your agent advised you that:
Short sales are the most complex, convoluted process in real estate.
The is only an illusion of rules and anything can and does happen.
70% of short sale offer FAIL.
As the buyer you are the least significant, least influential player in the process.
It can take from 4 weeks to over 2 years.
Short sales are not for everyone.
Only the patient and detached should apply.
Plan for the worst, hope for the best. By the way, with the big investment companies now buying up the distressed and conventional stock, it should be encouraging to know that if they SEE THE VALUE, then your decision to invest the time, patience, energy, and self-control to get your piece of the pie is the right decision at the right time.
Be patient. Hand in there as long as iit takes. Have a Plan B.
Best of success to you,
Annette Lawrence, Broker/Assocate
Remax Realtec Group, Palm Harbor, FL
Offer accepted by seller could mean the bank still has to do all the legwork - could be 4 to 8 months. Offer accepted by lender, that is about 30 to 45 days. You will know the offer was accepted by the lender once you get a letter saying you will have to close in 30 days with all this final numbers or the offer will be null and void. So make sure you have all the docs and monies ready to be transfered. Short -sales don't like been extended even for a few days.
La Rosa realty
The best way that I can answer your question is that a lot does depend on the experience the agents working on this transaction have, as well as the ability and willingness of the seller to provide the required documents in a timely and accurate fashion. I have been working on short sales for about 6 years now and while the first 2 were incredibly frustrating, the past 4 have not been that bad. I have found that when I ensure that the bank's negotiator gets their documentation in a time and accurate manner they are more apt to process the files promptly. I recently had a transaction that from start to finish, listing to closing date was under 60 days. I started a new one on Friday of this past week and the bank has already ordered the appraisal. Yes there are horror stories and delays, but many could of been avoided. My strongest suggestion is to ensure that the realtors and seller are staying in constant contact with the banks' negotiator and following up. Good luck with your purchase. Should you have any additional questions, please feel free to contact me.
RE/MAX Advance Realty
CDPE - Certified Distressed Property Expert
Unfortunately, I would agree with Tim. The best advice I can give you is to have a degree of patience that would make a monk jealous. From out of state banks, to out of area escrows and listing brokers, there are so many hands involved in a short sale, they rarely go as planned. However, if the sale does go through, generally you get a good deal.
I hope this helps.
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