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This post was mentioned on Twitter by RobertFreedman: The tax credit is great but what if slow-moving short sales keep buyers from meeting June 30 deadline? Ideas. http://tinyurl.com/yfmtbkn...
In reality, the chance of getting a buyer into a short sale home and meet the deadlines is going to be a challenge. On average (from my own experience), it’s taking 4-6 months to close on a short sale. Even for short sale labeled as approved, they’re never just approved.
With junior lien holders playing “hands up – gimme the money”, the chance of one closing at this point is slim. Unless the $8000 tax credit deadline is extended, I’m telling all my buyers to avoid short sales.
The other problem is, lenders aren’t foreclosing on homes. C’mon, how many months does it take to foreclose on a home these days? 18? 24? Can you imagine what would have happened if banks got into the real estate business? Total chaos!!!
I know people in their homes who still haven’t paid since 2008. Let’s get these people out, have more bank properties to sell, speed up the short sale process to a few months at max, and extend the tax credit. The loan modification is not going to work for all home-owners. Just a small percentage are getting it. The rest will have to short sale or face foreclosure.
How on else are we going to get this market moving. One last thing, the government needs to help business create jobs. Just my 2 cents.
To get the extended tax credit you have to start escrow by 4/30 and close by 6/30. Time is definitely running out for short sellers…
I’ve made it very clear that Short Sales are to be avoided. In Houston, it can take 4-6 months to get one approved by a lender. Doesn’t matter how attractive the deal is to the lender. Really sad.
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