“So how long WILL my short sale/foreclosure take?” What a great question, and one that every seller and buyer seems to be asking. As a real estate professional, the honest answer can feel a bit disconcerting. After all, telling someone “I don’t know” or “It depends” doesn’t normally instill much confidence. But that’s the truth and our clients need to hear this, because they count on us to keep them informed.
The current short sale/foreclosure market is the perfect environment for us to really build human relationships with our buyers and sellers. By explaining all the variables , you’ll be arming them with the knowledge to make the best decision, and be presenting yourself as the hard-working agent who always keeps them updated. And that’s your answer. They may not get the concrete response they wanted, but they will get educated on all the recent changes and on what to expect… that’s the key to helping people make wise choices in spite of incomplete answers.
I found the easiest way for me to answer the “how long will it take” query is to keep a list of the questions I get asked repeatedly and be ready with news-flash updates. Just like other more traditional transaction-related questions, we sometimes need to refer them back to other sources for some of their answers.
My list of MFAQs (most frequently asked questions):
Sellers:
*Do I really have to stop paying on my mortgage to get someone to listen? *How long will a loan mod take? (Should I pay someone else to do it for me? How much should I pay?) *What about my credit—how long will this be on my credit report? (Why not just walk away? Can I buy another house first before I stop paying on my current home?) *Once I stop paying, how long will it be until they foreclose? *I quit paying my mortgage __months ago, how long will it be until they do something? *How long do I have until I can’t get my house back anymore? *When should I start looking for another place to live? How long do I really have? *How long will it take to sell? *If I do a short sale, once I accept an offer, do I have to keep showing it and for how long? *How long will it take for the bank to approve my short sale? *If my buyer walks, how long do I have to find another buyer? *How long do I have to keep filling out all these forms?
Buyers:
*This home is bank owned—how long will it take the bank to accept my offer? *How long will it take them to change it into pending? *How long will it take them to get me something in writing and when will I really know for sure? *How long do short sales take? When will I know if the bank accepted my offer? What’s the longest it will take? What’s the shortest amount of time it could take? Should I put in offers on more than one home? What if my offers get accepted on more than one home? *When should I give my notice?
No one ever has all the answers, which is why CE and a great network like AR is more essential than ever. As loan requirements, appraisal stipulations, bank rules and government intervention factors all keep on shifting, what a great chance we have to truly work side by side with people. And what a wonderful opportunity for ongoing follow-up— emails, calls, videos, tweets, and more!
©Barb Fischer San Diego 2009 How Long Will it Take?
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