At our meeting this morning, we had a short sale specialist team come speak to us. They offer their expertise to other agents who need help managing the short sale process, which is arduous and often pretty unnavigable.
According to them, it takes up to three buyers for a short sale property to actually close and closing takes at least eight weeks but often far longer. Nationally only 30-40% of all short sale transactions actually close; regionally we fare better: 60-70% will close. Sometimes, the buyer gets fatigued by the process and bails, and sometimes the bank offers the sellers a loan modification at the eleventh hour.
These specialists also talked about the HAFA program which allows the seller to stay in their home and have no deficiency reported, as well as the Equator program which is a totally online procedure meant to streamline and expedite things.
I suppose that since we will continue to deal with short sales for the foreseeable future it makes sense to try to make sense of them.
In more positive news, I sold this house today. More details to follow…