For those buyers I hear from hoping to make a killing on a short sale purchase, I just hope you don’t end up waiting for Countrywide to approve the sale. May take awhile.
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What are your experiences with other lenders?
Susan, I generally try to avoid working on short sales unless my buyer client insists. I do not deal with short sale sellers at all, just refer to agents that specialize in them.
In one case, the lender came back with an acceptance after 3 months, but it was for a different buyer that had previously backed out. They had not even looked at my buyer’s terms. He did not want the other buyer’s terms and gave up. The lender would not agree to his terms.