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Old 10-25-2010, 02:42 PM
 
1 posts, read 1,089 times
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I'm looking for short sales in the Silver Spring/Wheaton area. Any advice on agents/the short sale process/listings?
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Old 10-26-2010, 10:36 AM
 
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Your best bet is to get a good real estate agent--one who is very experienced with short sales and the short sale process. Though they are becoming more common, not every agent is familiar with them. I used HomesDatabase.com to find the agent we're currently working with.

A short sale, contrary to its name, takes a L-O-N-G time to finalize. I'm pretty sure the average wait time for the bank (assuming there is only one that is housing the current mortgage) to respond to an offer in the DC metro area is 3 months. If you're lucky.

I also spend way too much time on Redfin.com searching listings. It is pretty up-to-date, was easy to figure out, and they have a lot of advanced search options.
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Old 10-27-2010, 08:56 AM
 
Location: Silver Spring, MD
17 posts, read 27,996 times
Reputation: 20
Default Don't recommend unless you're VERY patient

We had an offer on a short sale in Silver Spring and withdrew it after waiting 6 months to hear from the bank.. We never had any communication from the bank at all. We never imagined it would take that long, and it caused us to miss out on the new homebuyer's tax credit.

The listing agent was terrible and never communicated anything with us during the process.

We did just have an offer accepted on a traditional sale in the same area though, so it worked out okay but we would have liked to gotten in a house much sooner!

Good luck with whatever you decide.
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