There is a short period of time between a Short Sale and the loss of patience of Buyers and Sellers and not to mention Realtors. Having walked thru several of them and fought my way thru the back doors and rooms of the darkened Bank Vaults..looking for Asset Managers that really have the authority to move the property from the darkness into the light of COE..The level of frustration gets pretty intense and often the Buyer and the Seller will turn to their Agent/Realtor and they want to “know today what is happening!” It would be so easy to give them what they want..a DATE..and then hope the property really was released for closing by then..Unfortunately, there just isn’t a Contract until both parties have signed! Not just the Seller but until a “person with authority to bind the seller actually signs the purchase agreement, counteroffers and or addenda, there is NO DEAL! Buyers should not “get their hopes up” until they have received a fully executed agreement. So..throw the clock away and take a patience pill and with alot of pushing and shoving it will get done, if at all possible. Short cuts on Short Sales usually don’t stop the clock..they make it run longer!
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Nice post Lynn. Patience is so hard during this process because there is no tangible evidence of progress. Sure they’ve down the bpo and it’s assigned but there aren’t visible bridges to see progress. It’s like we wait for months and all of sudden out of the blue it’s approved. The last stretch is the hardest part for everyone.
So many of us forget that patience is the key to any deal. But one would lose patience easily at such scenarios and especially when the pace of short sales in the country is like that of dead tortoise
I have lost interest in tracking them personally for quite sometime now. Need to catch up again.
Mack I looked over the inventory of the short sales this morning. Forty two percent of active listings right now are short sales. I just had a buyer , after writing offers on 10 different homes, switch to new construction. Unless we get some more foreclosure inventory, I think short sales and new construction will be the better alternative. Either way its a 4 month wait!
yes i agree that patience is the main key in this process and i think i have lost interest in tracking them personally but you have to keep patience in such scenario.