Carson Valley Real Estate Straight Talk: How Long Do Short Sales Take in the Carson Valley?
"How Long Do Short Sales Take In the Carson Valley" is often one of the first five questions anyone asks considering listing - or buying - a short sale.
The answer is not simple, and I'm not trying to be difficult. The truth is - IT DEPENDS...
Depends on WHAT, you ask?
- It depends on the banks
- It depends on how many loans there are
- It depends on the Seller and how cooperative they are at getting information to the listing agent when requested
- It depends whether or not the listing agent KNOWS WHAT THEY ARE DOING
We are so confident with our short sales skills - we will get them done faster with a better outcome - that even for our buyers, we negotiate the short sales on behalf of the Sellers whenever possible.
Does that complicate things sometimes? Sure. We have additional disclosures we need from the Seller when we are not representing them. But often, the listing agent won't admit they are not comfortable doing the short sale, and the buyers really want the house. So what are we to do? We step in, use the skills and knowledge we have, and make it happen.
As Certified Distressed Property Experts, one of the first things we do is collect everything the bank(s) are going to need directly from the Sellers. The list is not long, but every piece is critical to the success of the short sale. We ask for:
- Last two paystubs for all borrowers
- Last two month's bank statements for all accounts
- Last two year's tax returns with W-2 earnings statements
- Hardship Letter
- Financial Worksheet
- Mortgage statements for each loan
As soon we have an offer, the package is then complete and the package is submitted to the bank, typically within 24 hours of the contract being signed by both Buyers and Sellers. We then call the bank(s) 2-3 times per week, and send status emails to all involved parties to keep everyone informed. If we feel the file is not moving at the pace we think it should, we contact the Customer Advocacy Team at the respective banks.
Most often, our short sales take between 60-90 days for short sale approval. But it all depends on how many banks are involved on each transaction. There are always additional documents we need. It's imperative that we get them quickly to keep the negotiator's attention on our file.
Short sales are complex transactions. If you are considering a short sale, ask your agent how many short sales they have completed. Ask them what banks they have worked with successfully. Ask them what roadblocks they encountered and how did they overcome them. Ask them to produce testimonials from happy short sale clients.
Why do I recommend you ask all these questions? Because a short sale may be the opportunity for you to end a financial nightmare. If not handled properly, you could end up in foreclosure despite your best efforts.
Ask those questions of us. And check out our
testimonials while you're at it.
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Christianne Gordon, REALTOR®, CDPE, SFR, , PSC, e-PRO
Certified Distressed Property Expert - Short Sales & Foreclosure Resource - Pre-Foreclosure Certified
RE/MAX Realty Affiliates - Great Nevada Homes, Inc.
Direct: (775) 881-8223
Visit us online at GreatNevadaHomes.com or CarsonValleyShortsales.com
The information in Christianne Gordon's blog is deemed accurate but not guaranteed. Any individual considering a short sale should also seek independent tax and legal advice to get specific information as it relates to their personal situation. Christianne Gordon is a licensed real estate agent with RE/MAX Realty Affiliates serving the entire Northern Nevada region including Reno, Sparks, Carson City, Washoe Valley, North Valleys, Fernley, Dayton, Stagecoach, Minden, Genoa, Gardnerville, Smith Valley and Yerington.
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