As the rebounding Tucson homes market adds equity back into home values, we are starting to see fewer short sale transactions. That means that many Sellers no longer have to ask their lender to forgive part of the loan amount they owe when selling.
And that is a good thing, as many buyers (and their agents) have grown frustrated with the short sale process. All too often, the Seller's lender would take months (and months!) to approve the short sale. And adding to the list of potential transaction challenges...seller's lender repeatedly asking the seller for more financial documents, weeks upon weeks of just waiting...waiting...for the lender to approve, lenders rejecting the sale price after weeks or months of waiting, seller unable to pay for any repairs needed on the property. I could go on and on.
I have had some patient buyers who were willing to brave that process for a particularly great house, and were ultimately successful in their purchase. But most buyers, when they look at the realities of a short sale transaction, prefer to look for a non-short sale home.
More Buyers Becoming Wary of Short Sales