Foreclosures and Short Sales: “How to” remain Sane while waiting.

The market has brought us a unique opportunity to purchase Real Estate at a low price and low interest rates. This is an exciting time for a buyer to capitalize on buying not only a great home but also simultaneously make a prudent investment. Then what is the problem you may ask? With opportunity there will always be a challenge. The challenge that we face with the purchase of REO’s and Short Sales is the lack of a communicated answer. As Real Estate agents and Loan Officers we are waiting on answers from the banks themselves to see if they will agree to the conditions of our offer. They are waiting on answers themselves from the decision makers. This can be a frustrating process for the consumer because you are anxious to know if the house is yours.

Here are a few ways to remain sane while waiting on the answers:

1) Write the offer and forget about it – Many times when we make an offer on something we want to know right away whether or not it was accepted. This is not the case for a short sale and an reo. The answer can take days, weeks or months. Look at it as if you have planted a seed for a tree that you would like to grow in your backyard. You would not stand outside everyday staring at the seed waiting for it to grow. You would water it and go back about your business. Every now and again you would check to see how it was going but your expectation for a 1 year gestation was set from the get go.

2) Set realistic expectations for yourself – If you allow your self realistic expectations then you will not experience the let down of waiting for your answer. If you are going on a diet you should not expect to lose all of it in the first week. You set a goal to lose a 1/4 lb. a day and work towards it. When it does not go your way you still continue to implement the daily tasks and you refine the habits. Continue to look at other properties and continue to exercise all of you options. Don’t limit yourself to just this house.

3) Don’t Mentally Move In - This is a sure fire way to set yourself up for failure. If you mentally move in and the answer is “no” it will be very difficult to get up again. Nothing will compare to the house you lost. This is unfair to all the other homes on the market that are dying to have you as a home owner. I know that this is an emotional decision and I am not saying to not be excited but keep your cool until the offer is accepted.

4) 6 Months is not as long as 20 years – You have waited at least 20 years to start this process and many of you much longer. So do not get a head of yourself. Be patient just a little longer and you will reap the reward for at least the next 30 years in most cases. We can always talk about strategies that will help you to pay this off much quicker but for know let’s focus on the 30 years.

5) Do not try to understand the “logic” of the banks – The reasoning of the decisions of the bank one will never understand. They are many components that make up the decision of the banks and we cannot even begin to understand the first one of them. Give yourself a break and know that we will never get what they are doing and they are all in hot water. Decisions made when the wheels are falling off the truck are very difficult.

So just remember the five tips above anytime that you begin to get frustrated with the timeline of your offer. Tome is on your side and your team. Be more patient, more logical, less emotional, more realistic and without attachment more than the other party. We will guide you through the process.

As always thank you for reading,

Matt Freeman