WHAT TO EXPECT DURING A SHORT SALE
Perhaps the most important fact to understand is that in today’s economy short sales are a must to sell properties. Since property values have declined nationwide at such a rapid pace, The National Association of Realtors predicted that in 2010,2011 and 2012 over 60% of all properties sold will be short sales or REO properties. The U.S. Treasury has predicted that there will be 2.3 million foreclosures filed each year for the next three years. It is unavoidable. If a house is to be sold in today’s market, there is a very good chance that a short sale will be needed in order to get it closed.
Short sales can require many hours of hard work and organization is imperative in order to get them done. Please be aware that short sales will typically take approximately 3-6 months to complete depending on the lender (see below for typical lender timelines), and that is simply because the majority of lenders are overwhelmed at the moment, some receiving as many as 500 or more short sale packages a day! In some cases, it may seem that 2 or 3 weeks have gone by without any change in the status of a file.
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President and Acquisitions Manager
Real Estate Liquidators