How Long Is Your Short Sale?
March 9, 2011 / /
http://shortsalepowerhour.com
Kevin & Fred discuss some recent news about how long it takes to complete a short sale.
HOW TO CLOSE AT LEAST 3 DEALS IN THE NEXT 90 DAYS
Get instant access to our online masterclass to learn the simple steps.
HOW TO CLOSE AT LEAST 3 DEALS IN YOUR NEXT 90 DAYS
Get instant access to our online masterclass to learn the simple steps.
About the Authors
Kevin Kauffman & Fred Weaver
Kevin and Fred the founders of Group 46:10. Over the last 10 years Kevin and Fred, and their team have closed tens of millions in real estate all over the country and have created some of the best training for agents in the market. Kevin and Fred are also highly sought after teachers whose work has helped agents all over the country build their own next level real estate business.
If it took 5 days for the short sale the realtors would bitch and NAR would be having a meeting, it must be 4 days, then 3, then 2, then damn it you know this is a formality, we need instant approvals!!!
Depends, Depends, Depends…..
We are starting to close at ninety or less. Its still a process and every transaction is different with some similaritys. You have your good days and the bad days. But guess what, its not going to go away any time soon. So either develope a passion for it or move on to something else, its that simple. My wife and I chose to move forward helping people the economy and our business
Getting harder! But still getting approvals in about 60 days on average, if there is no bpo dispute. Been having to do a lot of bpo disputes, mainly with B of A. Appraisers don’t seem to know what it takes to sell property!!!
Totally agree with you Saul..
any advice on a BofA BPO dispute? We are the buyer agents and the counter was ridiculous. Is a real appraisal done by the buyer the best way as the listing agent is recommending? My listings are getting approvals in 60 days and closing in 90 days but there are more requests “hoops” from banks, that’s for sure. No- short sales are not easier!
Couldn’t agree more with you guys. In some cases, the process to request a short sale has become more streamlined with some lenders (i.e. Equator), but the challenges dealing with inept customer service reps (cough, cough Ocwen) and non responsive loss mitigators remains unchanged. Our average, our contract to close time is around 60 days right now. It rarely takes us longer than 90 days to close a deal unless there are issues with the buyer’s financing. We service between 30 and 40 short sales at any given time
No doubt about it that it feels like it’s a lot harder these days. The dealings with these negotiators gets tiresome. But that’s why I come on here, to get that pump up. Getting them done under the quoted time frame though, but more threats of the trustee sale looming and happening for that matter than ever before.