Many buyers ask me how long a short sale takes to close. In 2011 the good news is that the process seems to be more organized and moving along. I attended a webinar by Bank of America. They have improved the communication and introduced new programs that seem to make the process easier. Now there is a "collaborative" short sale in which the homeowner and listing agent can determine ahead of the listing what the pre-approved short sale price will be. Then we have confidence before it hits the market that the deal will close.
I have also found that banks recently are negotiating a bit on the offer price. But there does seem to be some resolution and not a file sitting at the bottom of the file. This year will bring more short sales, but I have discovered this month that these transactions are easier to deal with than some unrealistic sellers who are not able or willing to come down to a realistic sales price.
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