Now that you have a good idea of what a short sale is and what it takes for a borrower to apply for one, it is a good time to address two of the major myths surrounding short sales that make them so scary.
Myth 1: Short Sales Take Too Long
Everyone has heard the story of their friend’s uncle’s brother that tried to buy a [insert large bank name here]‘s short sale and after six months of waiting for the bank to respond, the deal ended up falling apart. Yikes! Who would want to go through that? Answer: no one. But the good news is you don’t have to.
The average given time for a short sale to close from the date the short sale is opened is 90 days. If the short sale has been approved by the bank and all the bank needs is a purchase agreement then the timeline is closer to 30 days. So worse case scenario you are looking at three months until you close on your big deal… Best case, you have to wait a standard amount of time in a real estate transaction, 30 days. Not bad!
Myth 2: Asset Managers Can’t Easily Be Reached
This myth, like the first one, has some basis, but not anymore. Banks have worked to streamline the short sale process to make the process seamless and no-nonsense for all parties involved. Gone are the days of 20 minute hold times and bouncing around from department to department only to be disconnected.
All big banks have a short sale department with a direct phone number. An average hold time is no longer than one minute and all information pertaining to the short sale is recorded on a universal database that any asset manager can access to obtain the most current status of the file. Expectations are clearly defined by the banks and real estate agents are given specific tasks to accomplish to move the file along.
The moral of the story is don’t be discouraged! Find a trustworthy and experienced short sale agent to walk you through the process.
In Part 3 I’ll tell you how to distinguish a good deal from a waste of time. You won’t want to miss it.
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