Last week I read a very encouraging piece entitled: New Rules Aim to Speed up Short Sales, by Jim Buchta "(MCT)—The short sale process could get a lot quicker starting this summer under new rules that will require lenders to respond to offers within a month. Fannie Mae and Freddie Mac, the nation’s two largest mortgage backers, will implement the guidelines on June 15. The changes require mortgage servicers to make a decision within 30 days of receiving a short sale offer. They also must consider requests for pre-approved short sales within that same timeframe. ... Read More" Sounds like good news, doesn't it? As the lead short sale agent for my office, I applaud such measures; however, while the public relations campaigns being populated in the news by the Banks themselves as well as Fannie/Freddie press releases and in the news articles, I find this to be slight of hand. Bank of America just updated their policies to stream line the process, but added additional requirements at the same time. That sounds like an offset in my mind. Many of the nation's top banks use Equator to manage and track short sale transactions to record accountability. Yet, as in the case of a recent filing i made, there is no automated Equator "task" as it is called that reflects the fact that this bank sent a letter to the seller's awaiting their reply. So, for a system that is supposed to move things along that much more quickly, i have been stuck for 10 days without any knowledge of such until i picked up the phone and worked my way up the ladder to get the answers needed. This is why i chose to write this blog today. My strategy for trying to get my buyers the best deals is as follows: When potential buyers come to me to inquire about foreclosures and short sales in the hopes of getting a better deal my job is to give them the lay of the land. My typical advice is that buying homes at auction is there best deal but its a buyer beware situation as you are buying a home based on limited knowledge and exterior pictures and/or drive-by. Actual foreclosed upon/bank sale properties are statistically your next best deal, but they are very hard to find in the Bedroom communities of NYC. Short Sale Properties offer much better promise as they provide for as much as 8X as many options, but they come with the caveat that taking actual ownership can take as little as one month--investor/fannie mae owned--to as much as 7 months and counting as new obstacles rear their ugly heads and procedures and policies are amended by each bank. I find the average short sale to take 3-4 months to close. While investors may not mind waiting, buyers get frustrated by the long lead time. In fact, I have noticed that at least 25% of the short sales that are initiated, never make it to the closing table. What to do? You want a great deal? But, you want to buy a home and close in a specified time frame? When my buyers reconsider in an attempt to put more priority on control of closing, I direct them to properties that have been on the market for far longer than the average days on market. These are often properties that were often simply overpriced or poorly staged, limiting buyer traffic and diminished opportunity to sell these homes. In fact, many times these homes have had no offers, not even "low ball" offers. So, pursuing one of these types of homes puts the buyer in an improved position of control. Have any questions? Have a Short Sale home to sell? Looking to get the best deal for a home? Please call me. Mark Slade Keller Williams 917.797.5059 Home Search Selling a Maplewood/South Orange area home involves many steps and having an experienced Maplewood New Jersey Real Estate Agent and Realtor®, specializing in the Bedroom Communities of New York City in Essex/Union County—Montclair, West Orange, South Orange, Livingston, Maplewood, Springfield, Summit, Madison, Chatham, Scotch Plains, Fanwood, Cranford and Westfield--by your side will make the transaction run a lot smoother. I would love to be your Maplewood/South Orange New Jersey Area Real Estate Professional! I assist both buyers and sellers in the Bedroom Communities of New York City that offer commutes of 45minute or less to NY Penn Station, with either the purchase and or sale of residential real estate. As an Accredited Buyer’s Agent (pending), I have received special training to guide and educate you through the entire home buying process. From start to finish, I listen to your needs and desires in what you would like and take the information you give me to find you home. As your Maplewood/South Orange//Essex/Union County New Jersey listing agent I am well versed on as your local expert in all things in the Maplewood and South Orange area Real Estate Market. You can expect personalized service that includes a detailed consultation on how to best position your home to be competitive in today’s market with training to provide my clients with an in-depth Advanced Comparative Market analysis, and advice on staging. As my office’s technology officer as well as both a Zillow Platinum Premier and Trulia Premier agent, I use the latest and most up-to-date marketing methods to get your home in front of as many buyers as possible. Being your New Jersey Real Estate Agent and Realtor ® not only involves just finding the home or selling the home, but being your guide, negotiator, advisor and advocate and making sure that your needs and goals are met. Being your New Jersey Essex/Union County area Realtor® is one of my truest passions, and “Helping You Find Home” is my number one priority.