Short sale listed but not sold

[George P.]

Is this common for the short sale to be listed on the MLS but not getting it sold?
Also, what is the standard time the bank gives the realtor in order to try and sell it - 6 months? 9 months?

[Scott Hubbard]

Originally posted by Andrew R:

Now not to be rude Rob, Please do not take this to be disrespectful but how do you get a 35 day turn around policy on your short sales ?

When your offer you submit is 95% to 100% of BPO, there tends to be priority of service. When your offer is 60% of BPO, it can take longer since negotiator's target deals where they have the authority to approve.

Generally, anytime you get 80% below BPO and/or when it is 50% below principal loan value, most loss mitigators must get an exception signed by a manager or executive.

Not trying to take anything away from Rob, because it is still quite a feat to get a 35 day turnaround regardless of the scenario. But, in my experience, if your loss mitigator is not getting an exception, then your leaving money on the table.

Moreover, time is not as important since we are trying to market for an end-buyer. A lot of times you will not find an end-buyer in 35 days since you do not begin until after the BPO.