You'll need two things during that time:
1. Patience. While you've submitted all your documents to your Lender for your mortgage approval, and you keep your documents current and updated, you'll grow frustrated with the lack of any communication from the Seller about the status of the short sale. This is common, both the poor communication and the Buyer's frustration. Prepare for it.
2. Maintain your credit scores. Be sure not to make any dramatic changes to your credit report that could affect your credit scores. Pay all bills on time. Don't CLOSE any accounts. Don't open any new accounts. Don't run up your outstanding balances to max your revolving debt.
Once the short sale is approved, you may find the price you offered is not acceptable to the Seller's Lender. They may come back and counter-offer your price, so you will have to reconsider at that time if you wish to pay more than your original offered price.
The three rules of real estate: Location, Location, Location.
The three rules of short sales: Patience, Patience, Patience.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
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A short sale is when the amount of outstanding mortgage is more than the value of the house. So, sellers attempt to negotiate with their bank to accept a lower amount on sale of the house to satisfy their debt.
If you are looking for a house in Elmont, I would be happy to assist.
A Short Sale can run really smooth when you are working with an Agent who understands them, and I have seen some Short Sales be listed at a pre-Approved price, and close within 6 months. It doesn't have to be a tedious process, but it is vital to work with an Agent who understands Short Sales.
If you are considering buying a short sale, or selling by way of short sale, please consult with someone who is very knowledgeable about the process.
I hope this answered your questions. Should you have any additional questions, please feel free to contact me by the ways below.
Wishing you the best of luck,
De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
"I Stand Behind Getting You Results!