Shorter Time for Short Sales

//Shorter Time for Short Sales

Shorter Time for Short Sales

In Hutchinson, MN it seems in the last while that the process of short sales is getting shorter. Thank heavens. We have had buyers of homes for sale who have waited up to four months only to find out that the lender who holds the mortgage is not willing to accept the offer that they buyer made on the home that is for sale. Even though buyers know that the process will be long, many of them have decided to wait it out in hopes that the price they get the home they want for will be worth the wait. In the last couple of weeks, we have had faster response from lenders when offers are submitted on the short sales. I suspect that part of the reason is that we as real estate agents understand the process of the short sale better than we did a year ago. I also think that the banks are catching up on their work load and are getting better at doing their jobs to expediate the process of the short sale. Don’t misunderstand, it’s still a longer process than just buying a home when a short sale is not necessary. Everyone’s patience level is different and if you have the time, purchasing a home that needs to be a short sale can be beneficial.


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