How Long For Short Sale Carmel Westfield

real estate itemsWhy a Short Sale Takes So Long – Even if you’ve never had personal experience with a short sale, you’ve probably heard of buyers waiting weeks and even months just to hear back if their offer was accepted. During a short sale, both the seller and the seller’s lender must accept a buyer’s offer and even if the seller agrees to the offer within a reasonable amount of time, the buyer still has to wait on the bank.

So, what goes on during the short sale process that makes it take so long?

The seller must submit a short sale package – a good real estate agent will have all the necessary information from the seller, like financial documents and loan information, for the short sale package prepared beforehand, so she can quickly submit it when an offer comes in.

Documents get outdated or go missing – short sale packages require the most up-to-date documents and if the process takes longer than a few weeks, some of the submitted bank and credit card statements can become outdated. The real estate agent should be sure to contact the lender to check on missing documents and ask if the lender needs new documents.

The property may go into foreclosure – the short sale process may take so long that the home ends up going into foreclosure. Often, the foreclosure department and the short sale department of a lender are separate entities, and do not work together.

Whether you’re a buyer or seller, let me help walk you through the short sale process.