Buying a Short Sale home is an investment in time, money and patience. There are a number of conditions in place in a short sale purchase that challenge the Buyer. The sales process in a Short Sale has become much easier but the Lender’s have instituted a very precise process to receive, record, evaluate and decide on each short sale. The average processing time is 45 days. Rarely can this processing time be shortened. The process is further challenged because neither the Buyer nor the Buyer’s Realtor is allowed direct access to the seller’s mortgage company. All communications with the Lender must be managed by the seller or the seller’s representative. Consequently, as the Buyer you must expect to wait. However, if the property in question has already had an offer submitted (which has been rejected or the first Buyer has been unable to obtain a mortgage), it is possible that the Lender has determined an acceptable price. With this knowledge in hand, it is often possible to accelerate past the original evaluation period instituted by the Lender. If an agreed purchase price has been defined and the Buyer submits an offer for the accepted price it is possible that an answer from the Lender can be secured within a few weeks. This is not an absolute rule and the speed of the process is directly affected by the volume of short sales under consideration by the Lender. But, if as a result of an earlier offer a negotiator has been assigned, the negotiator still has the file and a price has been set, you can expect a faster answer. Further, your Realtor can determine the state of the short sale in the initial negotiations with the seller and/or the seller’s agent. For more information or a question send us a note at TampaBayHomes1@yahoo.com.
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