original article posted at www.woodbridgemortgagenews.com
Well, consider this...short sales are typically a bargain, but you have to be willing to wait. If you are not patient then a short sale purchase is not for you. Although banks, the actual seller of the home, claim to be more ready to handle this market with new departments and fancy software, on average my clients have waited four months to close on their short sale purchase. Be prepared to hear absolutely nothing in the beginning. Then requests for more information (you already provided) to be submitted again in the middle, and then a mad rush for closing.
Here are a 5 tips to help a short sale flow smoothly while waiting:
- Do continue to use credit as usual, but do not max out credit cards or revolving accounts because chances have it, the initial credit report for preapproval will have to be reviewed again before closing
- Keep your lender updated with recent paystubs and bank statements through out the waiting period. Be careful about large deposits and odd transactions that are red flags.
- Do have your agent keep in touch with listing agent frequently even if there are no new developments.
- Be prepared for the bank to not accept or counteroffer your initial offer with the seller. I have seen banks raise price, reduce seller concessions, and flat out reject an offer.
- Be patient and don't take the lack of movement early on in the process as an indictment against you or your offer.
