We did it - a short sale finally closed
August 29th, 2008 categories: Buyer Tips, News and Views, Properties
Short sales are anything but short! and they’re anything but certain. It’s can be 3-5 months before you hear back from the lender on whether your offer has been accepted - and meanwhile they’re taking any other offers that come in. You need tremendous patience to pursue a short sale. (A short sale is when the owners owe more money than the current market value of the home, so they will be “short” of paying off the mortgages.)
Rob wrote an offer in February for our clients - and they waited for an answer until August! Then the lender wanted to close in 10 days, and we hadn’t - of course, since the offer wasn’t accepted - even done the inspections.
This home in the Old Northeast area of St. Petersburg closed yesterday. This is the first closing, despite writing offers for our clients on over two dozen short sales this year.
