Real Estate Information

Ready – Set – GO!!!

If Real Estate Were A Race, Would It Be A 100-Yard Dash Or A Marathon? 

Moving listing files from the ACTIVE drawer into the PENDING drawer is a daily goal.  Moving those same files into the SETTLED drawer is the ultimate destination.  The speed with which it happens places its own set of demands on both Buyers and Sellers, as well as the Real Estate professionals involved.

I suppose you could say that any file that has 30 days or less to close could be considered a sprint.  It is next-to-impossible to make it to the settlement table in less time than that if there is a bank or mortgage company to satisfy.  Most often, a 45 to 60 day timeframe is more realistic, with many lenders requesting 60+ days to close.

But what can we say about the short sale files?  How long do they take?  There really is not a uniform timeframe to count on.  The quickest one that our office has closed still took a few months. We are working on a short sale file right now that has been in our pending drawer since May, 2014. It is one of the longest pending periods, if not the longest, short sale file we have ever endured!

Just today, a buyer made an offer on a low-price property in PennsGrove, NJ that is a short sale. Thankfully, the lender is local so there is a chance this file may close in less than 4 months……maybe.

All parties involved need to know they are at the very beginning of a Real Estate marathon.

Personally, my sneakers are broken-in….perhaps even a tad worn-out, but they fit well, are comfortable and do the job very nicely.  Time to lace them up again.  sneakers

If Real Estate Were A Race, Would It Be A 100-Yard Dash Or A Marathon? 

Something tells me this one will be a shorter, rather than a longer run.

On Your Marks!!!!!

 

Chris Hooks, Broker Associate

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