If you are looking to buy a home at a discount, and think that looking for a short sale is the answer (there are, after all, over 400 to choose from right now in Manatee County), make sure to work with an agent experienced in short sales and make sure you are not under any time deadline to make the purchase. In fact, without an agent who is willing to continually communicate with the seller’s lender and the title agent or attorney, don’t expect to ever make it to the closing table! Currently, the average time for a short sale to close is 99 days, according to available data in MLS. In my recent experiences, closing time is apt to be 120 to 180 days, which I attribute to the growing number of short sales which in turn leave banks with less and less time to devote to each case. I also find that appraisals, necessary for banks to negotiate pricing, also slow as their necessity grows. If these hurdles are not enough, there’s always the possibility of several extensions of time, as closing dates near and new issues with the sellers’ bank(s) appear. Short sales are not for the meek! Buyers need to exercise patience and keep a laissez-faire attitude. Sellers need to work with a diligent listing agent and a good team of advisors and negotiators who establish working relationships with their lenders. Bring these factors together, and I assure you, in the end you will find a pot of gold in the form of that perfect purchase price.
