Sunday, January 13, 2013

A tale of two short sales

We have two short sale deals under contract and heading to closing (although, we don't actually have closing dates yet).  One is our listing in Ravenswood and one we are the buyers agent in Lincoln Park.

Our listing in Ravenswood went under contract quickly in April and is still not closed.  It took almost 7 months to get a COUNTER OFFER and acceptance from the bank.  During that time we had several rounds of sending the listing agreement out to various parties, getting notarized affidavits for all parties, meeting at the property for lender BPO's (bank/ broker price opinion or something like that) and there was much uncertainty.
Our short-sale listing at 2201 W Winona has taken many months to get approved

The bank on the Lincoln Park buy-side accepted the contract after 30 days or so.  Some typical paperwork has been required from our side and has been processed smoothly.  Communication from all parties has been good and the deal may only take a few months to complete.

Short-sales will continue to be a part of this market as sellers decide they have no other recourse.  Banks have caught up a little and streamlined their short sale procedures and processing.  However, there are many factors involved that will dictate the length of the transaction, the work involved and if the lender of a property will ultimately allow a sale prior to a foreclosure proceeding.

Read a little more at our older post Short Sale Shuffle