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Virginia

I remember when I was in grade school, the house belonging to a friend of mine burned but all the family members got out safe. The fire chief said later that the reason everybody was safe was because of an escape plan one of the kids (my friend) drew up before the fire. My friend had Polio and was on crutches so for him this plan was necessary — and it worked.

Mike

Thanks for commenting. Short sales in my area are something new we are learning to deal with. A couple of brokers in the area have pulled people in from out of state to teach classes on the short sale. I was able to attend the class just as I got involved in a short sale transaction. It did answer a lot of questions I wished I’d had answered before writing the offer. I had a client from California who wrote an offer on a short sale in June. She flew back twice, once to find a house and the second time 60 days later thinking she would be ready to close. It didn’t happen. 60 days later, we were still waiting to get the offer either accepted or rejected. She chose to pull the offer and buy something else. The listing agent and I had both attended classes after we were already involved in this transaction. I think our chances of putting it together would have been better had we attended the class beforehand.

As to how long it takes, another agent in the class I took said she had one that took 6 months to get it accepted. I think that if you are in a place where you can wait, you will be okay but if you need to lock in interest rates or are just not in a place in your life that it is possible, short sales may not be the route to go. I am sorry I can’t give you a definite time frame. It all depends on the bank you are dealing with.

But if you are a seller who is looking at possible foreclosure, I think it is something to consider. Your agent can speak with the bank’s negotiator and help you possibly forego foreclosure.