Be prepared to wait in line for a short sale

I just helped a client sell their home recently as a short sale. The clients owed $250,000 and it sold for $210,000. I was able to get the bank to forgive over $40,000 of the mortgage amount so the property could be sold. When asking the bank who held the mortgage how many files the processor was working on, she told me a staggering number of 278 files. These weren’t people who wanted to sell their home via a short sale, these were 278 files that had valid purchase agreements with buyers wanting to buy the sellers home. The processor said that so many people are upside down on their mortgages and this represents just how overwhelmed the banks are today. From the time we had the purchase agreement on my clients home, it took over 100 days to get this file to closed. Speaking with fellow associates, they say that this is an average time frame of getting a short sale closed. So the lesson I have told my selling clients and buying clients who want to purchase a short sale home is get ready to wait in line because there are so many of these transactions taking place and only so few processors that can work on the files.


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