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Remember That Short Sale?

Remember That Short Sale?

avatarthumbnail.jpgAccording to the good folks at Countrywide, the short sale listing I have has successfully advance to Stage Two of four.

And it only took 4 1/2 months to get there.

This is why, in short, short sales tend to be challenging when you’re a buyer. You don’t know when you’ll close or if it will get accepted. And any timeframe passed down from the lender (in this case, the buyer received a letter in March saying we’d be done by now) doesn’t mean all that much.

Onward …

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Comments

  • So when are they going to start calling it something other than a “Short sale”. That in itself is so misleading considering the process that must be done to get one of these sales through to completion.

  • The phrase pre-dates me … my main confusion came when I switched from stocks to homes, given the decidedly different definition of a stock short sale.

    Once in a while I’ll see someone use “quick sale” as a synonym for a short sale, and then I have to explain that a short sale is anything but quick.

  • Jim Little says:

    So, the question(s) that beg answers.
    Do they tell you in advance what the stages are?
    How many sub stages are there to each stage?

  • As a matter of fact, I was given a rundown of the different stages when I turned in the contract December 4.

    By their originally stated timeframe, we were due to enter Stage 2 right around the first of January.

  • Kyle Pearson says:

    are there any ramifications (other than losing the house) if you back out of the contract half way through the process?