Short Sale: How long should buyers have to wait?
Once again today, I had another buyer back out of a short-sale deal. The paperwork has been at the lender for almost seven weeks. I could load this page up with communications from this lender, but why bother. There is no doubt in my mind that this is the hardest part of the short sale (holding onto the buyers).
I will have the property sold again, so no worries, but what does my name look like to that buyer? Will they ever use me again if they see my name? Kevin McGrath or Keller Williams said in a email to me that "I am busy too, but never leave people hanging, it's just poor business." I only mention this post because he is so right!
Poor business makes for poor referrals in the future. The lender has no interest in saving your good name and could care less. I've never purchased a short-sale that I was, or needed to move into, but I can only imagine the anguish one must feel during the process. It's the "Unknown" that kills you.
Next year, the prediction is that short sales will triple from what they are today. If lenders don't start figuring out some how to deal with this overflow, it will crush them!
Frank Wible
Loss Mitigation Supervisor
http://www.shortsalenj.com/ |
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