Get Me Approved Today

I’ve heard countless stories in the past months from sellers, buyers and Realtors about the current state of affairs when it comes to short sales.  While some transactions have closed, many more have had “birthdays”, and most have not closed.  It is easy to understand why a bank is slow to move, after all they are owed a certain amount of money and you want to give them less.  But with that said their ignoring the problem doesn’t make it go away, and right now it just makes home sell for less.

Lenders, it’s time to clean house is a great posting about one Realtors short sale experience worth the read.

What can you do when faced with a short sale?  If you are selling, make sure you get the advice of a skilled attorney who can help you to negotiate a sale with the bank.  Here in Connecticut I advise you contact Greg Arcaro at Brown Paindiris & Scott for his expertise in this area.  You also want to get a Realtor who has experience and success with short sales.  Interview agents until you can find someone who can show they have successfully closed multiple short sale transactions.  This is not the time for amateur hour, or your neighbors friend Lenny who works part time in real estate and is also in pest control, and a painter.

If you are buying, understand it is going to take longer to put together a short sale transaction, and it may never come together.  Is this house really the “one”?  Do you want to wait possibly a month or two to find out if your offer is really going to be accepted (the seller accepting it is only part of really getting the house in a short sale).  Is there a financial incentive to this house?  With all of the homes for sale right now, one very like the one you are thinking of making a short offer on may be available without the short sale craziness to it.