<!–Saxotech Paragraph Count: 10
–>
“Lately, we have had success in selling short sales in 45 days,” Hinson said. “Before, it took six to 12 months.” When the market was hit with so many distress sales, banks weren’t prepared for the flood of cases and offers from buyers just piled up.
Samuelsen and Thompson at AFNT agree that banks are doing a better job of handling short sales. “It was a learning curve for them, too,” she said.
Samuelsen and Realtor Ellen Fokes, a colleague at Armor, refer to themselves as “bulldogs” who are tenacious about followup on cases with lenders. Persistence works.
“There is not a short sale I have done in the last year and a half where I have not called them every week. That’s my Friday routine,” he said of his phone calls.
Realtors say another help has been the website Equator.com and other tools for the electronic submittal of documents, which has meant no more lost or misplaced faxes. “Once it’s there, things move pretty quickly,” Samuelsen said.
With homes and land being offered at discounted prices, the market still has deals — though not as many as before, agents say.
Tallahassee resident Lynn Hatter, 27, is buying a short sale, a house being sold for less than is owed on its loan. It is one of the most lengthy transactions of its kind that Hinson says he has handled. Hatter offered a contract to buy the home 30 days ago and has yet to hear from the lender. It’s her first home purchase.
“In January I started house hunting. I was really surprised,” Hatter said. “The process was super simple and I have had nothing but smooth sailing so far.”
Her house, which she refers to as “a diamond in the rough,” is a duplex that totals 1,575 square feet. Built in 1983, it has tile floors, an enclosed sunroom and a backyard with terraced landscaping. It was listed at $85,000, though the owner accepted her offer of $70,000.
She is excited about being able to own a house of her own, but the first anticipated closing date, March 30, came and went with no action, “so we are now in month two of waiting for an answer.”