Step 2 To Understanding the Short Sale Process…
Well, not really. I don’t think it’s possible to really “understand” the process. Remember, I said there is NO LOGIC in the short sale process. None whatsoever. Nothing about the process makes any sense. Even the newest first time home buyer has a general idea of the process.
You write an offer, it gets presented. They counter the offer. We come to a point of mutual acceptance. We then get into inspections, negotiations about repairs, appraisal, underwriting (don’t get me started on the most recent issues regarding this topic), documents to the title company and then on to becoming a home owner.
But, when it comes to a short sale, the beginning of the above process is completely thrown out the window. All bets are off.
When will we hear from the bank?
The offer has been written and presented. Welcome to the Black Hole of the short sale transaction. Yes, upon submitting this offer you basically enter a into a place of the unknown. A place where time frames and “deadlines” don’t matter. Why you ask? Please refer back to Step 1. But I want this house! I’m willing to give them the “listing price” they’re asking. We said they HAVE to respond no later than… Doesn’t the bank care? Again, we’ve removed logic from this conversation. Remember.
When will we hear something? I wish I could tell you. I’ll stay in touch with the listing agent on a regular basis but chances are good they won’t know much either. “Ugh”, you say. How long do we wait? That, my friends, is the $64,000 question…
Check back in soon as I continue to share short little thoughts on the fun of a short sale real estate transaction.
(Photo courtesy of fernando under the Creative Commons license)