After a couple of buyers on this particular short sale walked away for whatever reason, the short sale was approved (price was approved), all parties knew what was expected and the new owner was in the home in less than 45 days.
Why was it so quick for this particular buyer?
Everyone involved was on top of the assigned tasks. Even though the the short sale is approved, the new offer has to be accepted by the lender. The price was approved. The buyer's agent explained to his client that the price the bank was asking was not negotiable. The lender had their appraisal or the broker price opinion, the fair market value was known. In this instance a low-baller (A person who tries to get something for lower price than already set) walked away, because they did not listen to what approved means. It means that there is no room for negotiation, the price was set.
One of the biggest reasons for the speedy process had to do with this particular bank. They had the same negotiating party from a previous offer. Which means no submitting and re submitting, until they figure out at the lenders end who is going to get this particular case. The lenders request was simple. If you finish all the paperwork by this date, we are set for this unbelievable fast closing date. At the end, no-one was waiting for the next date. Everybody did their part on time.
As of late I have heard that some of the short sales are a bit quicker. Some and I'm repeating some, of the investors or lenders are not waiting for the lengthy documents to be submitted and resubmitted.
Not too long ago I wrote a blog post "Dear Approved Short Sale Buyer". In this instance I wrote about the short sale negotiation in numbers. Short Sale and Foreclosures link to the category for related posts.
There is no upside to foreclosure; it should be avoided at all cost.
If you are thinking of buying or selling a home or may have short sale needs feel free to contact me.
North And Northwest Of Chicago Real Estate on Homes By Haris.