I received a call today regarding a short sale property my broker had listed. It was withdrawn a couple of days ago. The sign was to be picked up today as the locks were being changed by the lender.
In this particular case, the short sale process has been unsuccessful – not because of the price or market, but rather other personal reasons.
Several callers have requested information on the property. All they can be told is the property is going through the foreclosure process. It should take at 2 to 3 months if all is perfect!
The property will probably be relisted by an REO real estate brokerage and it will sell. Until the process is completed, it is a wait and see strategy. I will be monitoring the prices and I will certainly let the callers know when something finally happens!