More and more short sales are closing successfully as of late. My personal opinion is that the banks have finally found ways to at least attempt to process the volume they are seeing and that sellers and real estate professionals are educating themselves on what works and what does not.
A short sale is a very stressful transaction for everyone. The seller will have to work hard to successfully complete a short sale, they will be asked to bare their finances to the bank, they will be asked for the same information over and over again and all within short time periods. When your agent asks for something such as current paystubs, tax documents, bank statements and so on, to send in with your packet – they are doing so because the only way the bank is going to consider your short sale is for you to have a complete package to give the bank.
Your agent, well they will spend countless hours on the phone, email and learning each negotiator, bank and system over and over because they change almost as quickly as the Central Oregon weather. The agent will juggle your short sale offer, your package and do their best to keep your buyer on board so that when the bank does finally agree you still have a viable buyer.
The Buyer, well they will have to be patient, and willing to wait for the bank or banks to approve the transaction, and sometimes this can be a long wait in a buyer’s eyes…. only to receive the approval and have to get the transaction closed in record time sometimes.
If you are considering a short sale, and your agent asks for documents, provide them as quickly as possible and keep them updated. This will save you frustration at the end of the sale. If your agent is always updated, and you have an offer and are preparing to move, you will never have to worry about where you packed those documents.