What an under statement. I have talked to sellers trying to work with the bank and do a short sale themselves. The bank want the most money they can get for the property. You need some one who knows how to negotiate with the banks and with the amount of short sales being completed, Realtor have more experience in negotiating with the banks that you would. Also you are very emotionally connected and some time you will not be able to get the best deal.
The process of a short sales is:
A) Send in a short sale package with ALL updated information from seller with a contract.
B) Bank does a BPO or appraisal to find the value of the property.
C) The bank compares appraisal to submitted HUD statement.
This process takes 60 -90 days. The banks do not care about timing, or closing dates on contracts. A example of banks timing: I had a contract accepted from a bank and the buyer backed out. I advertised “Bank approved sales price” I received an offer for the exact sales price. I resubmitted the new contract with HUD, and told them the buyer had to close in 3 weeks. He said that it was good because they needed to close it before end of month. It took the bank up to the day before the closing to get me a approval letter- what they agree to pay and receive from closing.
How many individual home seller have the time to stay on the phone with the banks for 1 hour at time, while they put you on hold or never get back with you. I do this on a consistent basis weekly. If o would like information on Ocala Short Sales, foreclosures, any property you can call me or search for Ocala properties . You can view Ocala Short sales
Let me know how I can help you. I can discuss your alternatives with you.