Short Sale SellersShort Sales – Stamina is Key!
Short sales can take quite a long time to complete. More than many expect. Many buyers frequently will get burnt out of bidding on short sales and walk away from the process altogether even after months of waiting. The process can be quite draining even with REOs. The buyer is truly ready and qualified, but they want to move soon and these thigns can take quite a long time in many cases.
Real estate agents need to continuously work with their clients and get them to hang in there. The waiting process to hear back on an offer can take up to 60 days for a response sometimes, or the home they are interested in, already has many offers and surprisingly has already entered escrow.
Buyers are in great need of lots of hand holding during this process and it is best to really counsel them through the process. Of course, if more banks realize that time is crucial to helping the real estate market pick up again and to get more buyers into the scene, they will need to pick their game and understand that time is something.