In today's market, it seems that almost every property for sale is a distressed property: either a foreclosure or a short sale. Here are the top 3 complaints I hear from buyers that have had some experience dealing with short sales.
1. "They held my escrow money forever". C'mon folks, forever? I know 90 days may seem like a long time when you are waiting on your dream home, but forever? I guess it does seem like a forever if the short sale doesn't go through. My opinion on this is patience. Buyers have to have a lot of patience. Be prepared to wait a minimum of 90 days on the approval.
2. "The bank took so long to answer and then they countered my offer at a higher price!" I guess the first thing I want to know is, was your offer too low? Did you have your agent run the comparables of similiar properties to make sure you were putting in a good offer? My opinion......don't lowball a short sale. You will only be disappointed in the end result.
3. "I never received any updates from anyone" As frustrating as that can be, I hear this all the time. Unfortunately, your agent can only update you if they are receiving updates from the listing agent. My opinion on that is how about sending your realtor a friendly reminder but don't expect an update more than once week. Hopefully your Realtor won't need a reminder and is calling the listing agent once a week or every 10 days to get an update.
Contributed by Jeanine Corcoran
Certified Distressed Property Expert (CDPE)
Coldwell Banker Ackley Realty
http://www.flshortsalepros.com/
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