There is no """NORMAL""" in Short Sale Land. For the most part, if you see a short sale that has been on the market for 4mos+ it's usually because a previous buyer or buyerS backed out & the listing agent need to start, more or less all over again. Or it's because the listing agent doesn't know what they're doing, regardless of the "short sale expert" certificate they just bought after taking a 3hr course.
Not every bank just lets the listing agent start off where they left off, the stupid people at the banks do make us start all over again when a new buyer steps in. Some banks are taking the hint & will allow a new buyer to step in when the other one walks away if this occurs within 2-3wks.
Yes, I do refer to the banks as stupid. But then again, I digress, the banks do have a plan, they CAN'T make it look "too" easy for short sales to be accomplished or else more homeowners who are underwater will throw in the towel on their loan mods (which aren't getting approved AnyWay) & the amount of short sale requests will go up.
If you don't believe this statement, take a look at how many properties the banks are holding onto & NOT allowing to go to REO sale, i.e. Shadow Inventory.
Much goes into pre-qualifying the seller & the listing agent, is the seller motivated to complete the short sale & is the listing agent competent to do so?
Shoot me an email directly, if you have any questions, I don't look back on this same Trulia thread for answers posted after mine.
Realtor Since 1996
Main Street Realtors
The banks are controlling the market & controlling pricing, by controlling