Things are moving apace with the short sale I’ve been writing about the past couple of weeks. In fact, in some ways the traditional timeline for a short sale approval – glacial – has been shortened considerably.
About a week ago, we submitted the remainder of the short sale package – the listing agreement, short sale addendum and the offer we had received. One day later, the lender already had ordered an appraisal on the home. As I mentioned, it’s not going to be an actual appraisal but rather a Broker’s Price Opinion (BPO) completed by another real estate agent.
Of course, order and completion of said order are two different things. Now that the BPO has been ordered, it could take up to 15 days for it to be completed and submitted. And once that’s done, the negotiator assigned to the file could take up to 30 days to give an initial response.
And after that’s done, the entire thing has to be shipped to Freddie Mac for a final yea or nay. I’m told that could take anywhere from a couple of weeks to a couple of months; if the speed with which Freddie Mac has been putting bank owned homes on the market is any sort of indication, I’m inclined to think the powers that be will hurry.
Even with all steps moving as expeditiously as possible, this still is going to be a process taking a month or more. Too many reviews and approvals are needed to speed this along any more than that. Fortunately, the buyer knows this wasn’t going to be quick.
Here’s the basic reality of short sales in the Phoenix real estate market or elsewhere. If you’re looking for a property you can move into within 30 days, these aren’t them. But if you’ve got some time and some patience, they may be worth the look.
Stay tuned …
[tags]Phoenix real estate, short sales[/tags]