The path to a successful short sale transaction is often anything but short. These complicated transactions can stretch over months – even years in some extreme cases, frustrating sellers, buyers and REALTORS® alike.
But short sales, a real estate transaction in which the lender agrees to accept less than the mortgage amount owed by the current homeowner, have become a growing share of the current housing market as distressed homeowners try to find a way to avoid foreclosure.
For the article “Speeding Up Short Sales – Ready, Set, Sold” in the October issue of Illinois REALTOR® Magazine, some Illinois REALTORS® who are working in the trenches when it comes to short sales share their tips and strategies for successfully speeding up the process.
A few of their tips:
- Understand the short sale guidelines of each bank you are working with.
- Have a document list and don’t submit things until the checklist is complete.
- Use multiple contact methods, even if you’re duplicating efforts.
If there was an overriding message of advice for REALTORS® dealing with short sales, it was this – do your homework, make sure files are complete BEFORE you submit them and be patient. Short sales can take longer, but can be a viable option for some.