Short Sales are Long Sales.
Having been in this short sale process of working for sellers for 4 years now (it really has been that long), it keeps going on like the energizer
bunny. Representation of sellers in short sales is part of my business. Ensuring seller have the best representation and negotiating ability at their disposal in all sales is the ultimate goal.
In Rhode Island short sales it is more challenging because sometimes the short sales become long sales- long in the timeline to get to the closing table. I have had short sales approved in 3 weeks to as long as 3 1/2 months.
Why do short sales become long sales?
- Listing agents do not know how to negotiate short sales or do not have a legal team to assist negotiate and spearhead the short sale process
- Bank is very difficult (may be difficult but very few uncooperative banks anymore)
- Buyers agent does not understand how to set the expectation on ‘wait time’ with the buyer on a short sale
- First buyer backs out, perhaps second buyer too and you are looking for your third buyer for your short sale
- Bank comes back with an unrealistic price to settle at with the sellers and the buyers (pay for you own appraisal to be done then to prove a true market price to the bank)
So in all fairness to the sellers, it needs to be understood by the buyers agent and the buyers that if you really want the real estate you have put an offer in on understand that the short sale may turn out to be a long sale time. Working closely with a listing agent, getting updates and phone calls, being honest in this short sale process about the time line is all very important- live within it. Hire the right listing agent to represent you properly, knows the process and has a short sale team.
Being a Houdini here is like saying you can pull a rabbit out of a hat! You are part of the process.
As a short sale seller, ensure you respond quickly for data needs from your listing agent for the lienholders (banks). It is as important as providing all updated financial information to the Bank and the listing agent on an ongoing basis. For Buyers, understand the process and be willing to hang in for the duration and not do anything to your credit that will nix your mortgage process.
If you want more information on short sales or are having a hardship and need a confidential meeting to discuss your homeowner options, please give me, Ginny Lacey Gorman, a call at 401.529.7849. Short Sales are Long Sales.
Ginny Lacey Gorman is your go to North Kingstown Realtor® for homes in North Kingstown RI and beyond…knowing the geographic area, schools, happenings,important tidbits of information and businesses well. As North Kingstown short sale agents, if you are having trouble paying your mortgage contact Ginny to help you through the short sale process successfully. Waterfront, oceanfront, luxury and coastal RI real estate are her specialty but all of RI is her backyard. So feel free to search for RI Homes for Sale. When you are in need of a good professional for your buying and selling needs and an internet savvy Realtor® who sells RI houses in this real estate market - call Ginny at 401.529.7849.