Short Sale Pricing Discussion

[Bobby J]

UPDATE: We closed!!

After all the negative talk about short sales I'm happy to say the process was fairly quick and easy for us. I hope the best for everyone else out there dealing with this.

Offer on Feb 5th, Bank Accepted Feb 13, Closed on March 25th

Congrats! Some are like this. Most are not.

 

[Smiling JOe]

Yes, most are not. Of the short sale closings I've been watching, I'm seeing many which are finally closing, 5-6 months after the contract date. Values likely drop 2-3% during that time, as REO sales are coming in with really low purchase prices.

 

[Bobby J]

We just closed a short sale condo that only took a few weeks. The bank was not out much money though. It seems the bigger the bank the slower the response.