Patience is a tough concept to understand when you’re excited about owning a home. When a buyer begins the process of purchasing a home, making the offer is the first step…and the one step you’re the most anxious to hear back on. When you make an offer on a Short Sales though..there can be a delayed response, and that, for a buyer, is very frustrating. It is like a clock with no hands. It’s as if time is standing still.
As much as I try to share with buyers that the Short Sales Process can be tedious and where much patience has to be demonstrated, it is difficult to accept..and I don’t blame them. There are so many departments within a bank that reviews the offer, looks at different aspects of the deal, and makes a decision, that a quick decision is really out of the question. Although, I believe that the Short Sale process is becoming more main stream in most banks and financial institutions, it still is a necessity that buyers understand that it could be weeks before they receive an answer.
If time is of the essence, then a Short Sale or Foreclosure may not be the way to go for your buyer. But if a buyer can hold on and wait …a super financial opportunity could be right around the corner.
