Short Sale Behind The Scenes
Dave gives Jennifer the lowdown on what happens during the short sale process.
QUESTION: Jennifer wants to know what goes on behind the scenes on a short sale. She is trying to buy a house through one, but the bank is taking forever. Does Dave know what they are doing? Dave does indeed.
ANSWER: The bank has to become convinced that what you are paying for the house is all they’re going to get for it in the event of a foreclosure. If they are convinced of that, then they’ll do the deal. People will inspect and appraise the house and make a decision.
The main thing you are working against that’s taking forever is that the staff working short sales has not been increased, even though short sales themselves have. Someone could have 500 cases on their desk. They are just overwhelmed, and may not have even been competent to start with. They are doing the best they can, and a lot of short sales don’t go through because the buyers lose patience and walk away since it takes so long.