Hello SF Short Sell,
You will find plenty of information at my website: www.ShortSaleSF.com
Regarding my experience, the facts are these: 9 of my 10 listings are short sales; seven are in escrow, 2 are approved.
One has been in escrow 7 months, a few 2-3 months and 2 only 2-3 weeks.
Short sales are tough and take time. Make sure you find someone who knows what she (or he) is doing. There are only a few of us in San Francisco who specialize in short sales.
Nine out of 10 offers that I receive donâ€™t even have a Short Sale Addendum attached. Believe me, I speak with agents everyday who are writing offers on my listingsâ€”no offense to my colleaguesâ€”but very few know what they are doing. I have 2+ years experience (with short salesâ€”30 total in real estate). The only other people whom I know besides myself who have a lot of experience with short sales are Ildiko Pali with Princeton Real Estate and Heidi Mueller with Prudential.
You are correct in that many agents will not do short sales. Most of my friends think that I am crazy for doing so. It is not as easy as other transactions but definitely gratifying. Statistically, about 70% get approved so some agents donâ€™t like nor do short sales as there are no guarantees and the banks almost always mess with our commissions.
My advice, talk to 2-3 agents and discuss all of your options. A short sale is NOT always an option and may not be the best one.
P.S. If there are two different lenders involved, it will be very difficult for someone to assist you.