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 …

[tags]Phoenix real estate[/tags]

Jonathan Dalton

Jonathan Dalton is a 40-plus-year resident of the Valley and has been helping folks buy and sell homes since 2004. He can be reached at 602-502-9693 or info at allphoenixrealestate.com.

5 Comments

  • Portland Real Estate 9 years ago

    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.

  • Jonathan Dalton 9 years ago

    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 9 years ago

    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?

  • Jonathan Dalton 9 years ago

    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 9 years ago

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

Comments are closed.

Real Time Web Analytics

Send this to a friend