Short Sale: the process where a mortgage company must accept less than the amount owed on a payoff in order for the sale to take place.
I closed two short sales this past month. Anytime you can get a short sale to the closing table successfully that's a good thing.
The 1st Extreme: The first one, I was the buyers agent and it took a full 6 months and it seemed even longer than that! But in the end, it all worked out, everyone was happy, my buyers got their house and the sellers were able to move on.
The other one was one of my listings. This one was to the other extreme. I recieved bank approval in just 2 weeks! Yes, you read that correctly, 2 weeks! In fact it was approved so fast the buyer wasn't happy. WHAT? Yes, the buyer was told by his agent that it could be several weeks or months until we hear anything, as I would have told them the same thing. The buyer wasn't planning on closing that fast.
Geez, I can't win, was the first thing I thought. Normally you have to worry about the buyer walking because we have to wait so long for bank approval, this time I get lucky and get a loss mitigation department that is on top of things and I still have to worry about the buyer closing. In the end we worked out a suitable closing date that was good for the buyer, the seller and in the bank approvals time line.
Never a dull moment, the joys of short sales.
Mike Mitchell - REALTOR ®
GMAC The Kee Group
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Mike Mitchell -REALTOR®
Real Living Kee Realty
Call / Text: (586) 291-2652