Windermere Professional Partners

Buying a Short Sale Part 3: Reaching a Successful Closing

testing January 31, 2012
Last updated July 2, 2019

This is the third and final post in our “Buying a Short Sale” series. In previous posts we talked about what a short sale is, and how to prepare to make an offer on a short sale property. Today we’re talking about what to do after you’ve made the offer.

After you submit your offer to the seller and they have approved it and signed the contract, the seller’s Realtor will send the offer to the bank for approval. This is where the waiting happens. As Linnie, our short sale expert said in our first post, this approval can take months. So be prepared to be patient.

Once the approval DOES come back from the bank, be ready to spring in to action. “Once that approval finally comes back from the bank that approval will include a closing date,” says Linnie. “The closing date is very seldom realistic and unfortunately,they’re not kidding. You and your team of professionals may only have 1 month to complete a home inspection, appraisal, final loan paperwork and delivery of loan documents.”

Once you have the bank’s approval, you will need to move quickly. It’s best to be absolutely prepared. Stay in touch with your Loan Officer. Make sure your Loan Officer is kept up to speed with the approval process and expect regular updates from your Realtor. According to Linnie this part can be hard on buyers, “Buyers feel frustrated that THEY (the banks) can take 5 months and now the buyer only has 5 WEEKS. It’s Important to just push through those feelings and remember that this is what you’ve been waiting for!”

Purchasing a short sale can mean waiting longer than average to close on your home, but it can also mean getting a house at a fantastic price. If you’re considering purchasing a short sale, contact Linnie at The Sapphire Group today to find out if it’s right for you!

Short Sale Listing Specialist Linnie Smith shared her tips for successfully purchasing sale properties in this series “Buying a Short Sale.”