I was talking with one of my buyers, who currently has an offer in on a short sale property.
In talking, we started ruminating how buying a short sale property is like a day in the airport: Hurry up and wait!
Airport: Hurry up! Hurry up! Have to leave the house on time. Might be traffic. Arrive at the airport early. Now, wait.
Short sale: Hurry up! Hurry up! It's priced right. It's in pretty good condition. It's in the location you've been wanting. Let's write that offer today. Now, wait.
Airport: Hurry up! Get in line to check in. Now, wait.
Short sale: Hurry up! There are multiple offers. Get yours in and sign all the disclosures. Now, wait.
Airport: Hurry up! Have to get through security. Get in line. Now, wait.
Short sale: Hurry up! The bank wants a contract, not just our typical offers used in this area. We told the listing agent this, but he didn't want a contract - just a standard offer. Now, hurry up! Hurry up! Write the contract. Submit it to the sellers and the lender. Now, wait.
Airport: Hurry up! It took forever to get through security. Run to the gate. Plane is delayed. Now, wait.
Short sale: Hurry up! Lender wants more information. Lender wants an updated mortgage pre-approval. Hurry up! Send it in. Now, wait.
Airport: Hurry up! It's time to board the plane. Hurry up! Get in your seat. We're 19th in line for take-off. Now, wait.
Short sale: Hurry up! The lender wants you attorney's contact information, even before they decide if they will approve the sale. Hurry up! Send it in. Now, wait.
Airport: If all has gone well, and the flight wasn't cancelled, and the weather cooperated, you arrive at your final destination. Your vacation begins. All is well...
Short sale: If all has gone well, and the lender and the attorneys and the agents and the buyers and the buyers' mortgage broker and the sellers all cooperated and worked through it all together, you arrive at your final destination: The closing table. Your new life in your new home begins...
Buying a short sale property is not for every buyer. You need an unlimited amount of time. And patience. And the cooperation of all involved. And a sense of humor.
But all can work out in the end. You can get to your final destination. You'll just need to Hurry Up and Wait throughout the process!
Don Fabrizio-Garcia, REALTOR
Real Estate Sales and Appraisals
Keller Williams CT Realty