Short Sales in Southern New Hampshire are gaining popularity with many buyers. They are not the most convenient sales but they sure do get the buyer a great deal in this market. The sales occur when the owner is short on the mortgage due to the bank. Sellers are finding that with a loss of jobs, divorce, deaths, and poor mortgage choices they can no longer afford their homes. They are forced to sell their homes for less than their current value or let the bank foreclose on them.
There are quicker methods to buying a home but short sales definitely bring a reduction in the sales price for the buyer. A short sale is a very, very long and tedious process which needs to be approved by the bank. It can take several months to close once there is an offer in place. There is a stock pile of paperwork that the owner will need to put together for the REALTOR® to send to the bank and a lot of follow up until it closes.
On average, the bank takes about 6 weeks to review each step in the process. It takes at least 6 weeks just to get to a negotiator. The negotiator reviews the initial offer and then it takes another 6 weeks for the bank to respond to the offer. If there are any complications along the way it can take the bank an additional 6 weeks to review them. Once there is response to the offer, it takes 6 weeks more to close on the offer.
I have recently completed a short sale and was glad to see it go through for my seller and for the buyer. There were several times when it seemed like the bank would back out of the deal but persistence paid off in the end. After 5 months of dealing with the bank the deal is finally closed!!!
If you are looking to buy or sell in the Southern New Hampshire area give me a call or better yet stop by and we can discuss your options.Virginia Kazlouskas (Gregory), REALTOR® Harmony Real Estate, Inc. 2 Winnhaven Drive Hudson, NH 03051 (Office) 603-883-8840 X12 (Cell) 603-620-3428 (Blog) www.virginiagregory.wordpress.com (Email) Virginia@harmony-RE.com (Website) www.Harmony-RE.com (Facebook) www.facebook.com/HarmonyRealEstate