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Short sales: You need to prepare to wait

If you're trying to sell your home through a short sale, you need to understand that it can take many months to complete the transaction. This can put off some buyers, especially because after all that time, it may turn out that the mortgage company doesn't accept their bid.

Fortunately, each short sale is different, and if your attorney is in contact with the mortgage company, he or she may be able to help move the sale along. Negotiations can take time during any sale, but there are a few things to do to help reduce the wait.

For instance, if a buyer is going to submit a bid, he or she should submit one that is reasonable and within a good range of the market value. If not, it's likely that the lender will simply refuse the bid.

Working with an attorney with a track record of having short sales approved and working with short sales can help, too. Some lenders are familiar with these individuals. On top of that, the attorney's experience can help the sale immensely.

It may also be a good idea to let buyers know if there are other offers on the home. Each offer is considered separately, so it is a good idea to bid more on a property if there are already several bids. Otherwise, the bid may simply be too low and not go through.

Your attorney can help you through the short-sale process, so you know what to expect. Buyers should be prepared for a long wait, and as a seller, you should be willing to wait as well.

Source: The Balance, "How Long Should I Wait for Short Sale Approval?," accessed June 23, 2017

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