Answers by Leanna Langley

Hi Marisol, I am certainly seeing the same kind of activity here in Oregon. I wouldn't automatically make another price reduction after only three weeks, especially since the first reduction did exactly what you wanted—it created a bump in activity which is encouraging! The bigger question for me would be: what happened after buyers walked through the door? If you're consistently hearing that they like the home, yard and layout, but they're hesitant to commit, I would want to know what they're choosing instead and whether price is really the objection. Buyers have a lot of choices compared to past markets. A $10,000 reduction may help if it moves you into a new search bracket or makes you noticeably more competitive. But if affordability and monthly payment are what's holding buyers back, a seller credit toward closing costs or a rate buydown can sometimes have a much bigger impact for a financed buyer than taking that same amount off the price. We have been trying that strategy and it does get some attention. If your timing is not aligning with the market then it sounds like you will need to find that sweet spot and do another adjustment and or offering buyer credits. Buyers are wanting the best dressed/best deal right now. I wouldn't reduce just because things got quiet again. Three weeks is enough time to reevaluate the competition, recent pendings and buyer feedback, but not necessarily enough time to assume the last reduction didn't work. This is just the feeling of the market currently. Wishing you the best luck for an offer and a successful sale soon!

Hello Prescott, I would go into this expecting somewhere in the 3–6 month range, but with short sales, patience really is the name of the game. I've seen them move faster, and I've seen them take considerably longer. The biggest question isn't necessarily that the lender is Rocket Mortgage, but how clean the file is on the seller's side. Is there only one mortgage or are there additional liens? Has the seller submitted a complete short-sale package? Does the lender agree with the value and the offer price? Those things can have a much bigger impact on the timeline than the name of the lender itself. Once the lender approves the short sale, they will typically issue an approval letter with a window in which the transaction needs to close. So while your flexibility is definitely an advantage during the waiting period, you may not have quite as much flexibility once approval is issued. If you really like the property and you're not in a hurry, you're actually in a pretty good position to deal with a short sale. Just keep your expectations flexible and make sure your agent is staying in regular communication with the listing agent so you know the file is continuing to move through the process.

Short sales are definitely one of those transactions where patience helps! I would realistically prepare yourself for 3–6 months, although I have seen them take longer. A lot depends on what is happening behind the scenes. Are there other liens? Has the seller submitted everything the lender needs? Those things can really affect the timeline and having an experienced listing agent on the other side makes all the difference. They need to gather a lot of documents from the seller and submit them to the lender/servicer. One thing to keep in mind is that once the lender finally gives approval, they may give you a specific timeframe to close. So you could wait months and then suddenly things move pretty quickly so be ready for that. They may also counter your offer so do not be surprised if that happens! If you love the house and you're not in a hurry, you're actually a pretty ideal buyer for a short sale. Just be prepared for the timeline to be a little unpredictable. Wishing you all the luck!