At the start of this year I wrote my first blog post on foreclosures and short sales, “Short Sales are Anything But“. The post explains how the process of buying a foreclosure or short sale can take much longer than normal since some banks can take weeks or even months to respond to offers.
Some of my buyers who purchased foreclosures this year were fortunate to receive responses to their offers within a few days. More recently, another one of my buyers was was fortunate to get a response to her offer on a house in Des Plaines 11 weeks later. 5 days before the listing agent called me back to say that the offer was accepted, my buyer was laid off. If the bank had responded in a timely manner, the sale could have closed before my buyer lost her job. That would have been a tough break for my buyer.
Instead, the bank lost out selling one of it’s foreclosures since it was so slow to respond.
Similar Posts:
- Foreclosures and short sales are no longer an option for first time buyers
- Why you shouldn’t expect banks to make logical decisions on short sales and foreclosures
- Why you don’t want to buy a short sale
- Short Sales are Anything But
- Foreclosures and the Lessons of Baywatch
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Short sales are the short end of the stick. The banks are shooting themselves in the foot by not processing the short sales in a timely manner, which drives the buyers to other properties.
Jose Lopez
Sarasota Florida Foreclosures