Short Sales-The Real Story-Part 1
This is part 1 of a 3 part series
As a licensed REALTOR in Jacksonville NC, I have encountered lots of different situations; one of the most plentiful in recent times is “The Short Sale”. The common misconception is that short means fast. Nothing could be farther from the reality of trying to buy or sell a Short Sale Property. Most investors think it’s an easy way to make some money, thinking they will be buying the property at a deeply discounted price. Not true! Some sellers think this is a great way to save their credit and to start over again. That is partially true, but bear in mind it is not painless and it will remain on your credit for about 2-3 years.
Sellers, you will need to provide a long list of paperwork to your mortgage company, it can be very frustrating just to get to the right people that can help you but once you do you will be copying lots of documents, and it can seem like it will never end. It will test your patience. The key will be to have some professional guidance. From a REALTOR that knows how to help you through this process, an attorney that knows about the intricacy of the Short Sale process, as well as a CPA to advise you on the financial ramifications.
Buyers, you will need to be patient. From the time the sellers mortgage company gets all the paperwork you are looking at, at least 60 days to get to the closing table. That’s provided that everyone involved in this knows what they are doing with this short sale. If the seller has been proactive and submitted their paperwork to their mortgage company before the buyer brought an offer, that is not always the case. But, if the REALTORS on both sides of this have not been through any Short Sale training, prepare for this to take over 60 days. I have seen some transactions take over a year to close. Now that is painful and will try everyone’s patience!!
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Ellen Hough, Jacksonville NC Real Estate , specializing in guiding home buyers and sellers through the home buying and selling process. Working with EXIT Independence Realty, 910-330-6103 (Cell)