Using option with 3-4 month window?

[Account Closed]

If you know going in that the time on market could be as long as 4 months before you get a buyer, what are the odds that the bank could come back with an approval letter and want you to close before you have a buyer? This is in regards to short sale flips on property that might be on the market longer than others.

[Justin S.]

Randal-

If it takes 4 months to get an offer then there is a good chance the short sale will be complete.

You can either:

1. Wait a few months to submit an offer to the bank.
2. Delay the short sale by making a lot of counter offers.
3. Reduce your selling price to get a quick sale.

I recommend option 3 if it works with your spread. If you price it below market you will probably get multiple offers and in some cases get an above asking price offer.