Short Sale Process Tips to Keep Your Sanity

Short Sale Process Tips to Keep Your Sanity - Quicken Loans Zing Blog Are you counting down the days until you have short sale approval? Here are some tips to keep sane during the process.

If you’re not clear on what a short sale is, check out this article. If you’ve already put an offer on a short sale, know that you are not alone. In 90 days your hair will have grown three inches, and you may or may not have approval on your short sale.

To stay sane, decide three things:

Don’t put your life on hold.

Don’t lose sight of your personal goals despite the waiting process. Don’t stop writing, blogging, reading, working out, eating healthy, studying, making music, painting or whatever program you’re in! Sticking with your personal goals will make the wait that much more worth it, and let’s face it – there’s time to kill.

Stay positive.
Remember why you put in your offer in the first place. Great location? Bigger space? All the amenities? You have already invested time and money, and you’re not someone who gives up easily, right?

Don’t hound your real estate agent or home loan expert…as much as you want to.

Keep your cell phone out of sight when you should be focused. Chances are the bank won’t get back to your real estate agent with a decision early, and they won’t change their mind if you don’t pick up. If you don’t understand something related to the process, definitely call your real estate agent or mortgage banker, but don’t keep calling for a decision on the short sale from your real estate agent. Whether or not you become best friends after spending hours on the phone – your agent does not work for the seller’s bank, and really you’re just using up your daytime minutes.

Here are some tips for each 30-day mark:

At 90 days out, you’ve just submitted your offer. After negotiations your real estate agent and the seller’s agent are optimistic, you’re cool, you’re calm and 90 days doesn’t seem like a big deal. Within a week or two, you head back to the house for inspection. Worst case scenario: you’re convinced the necessary repairs outweigh the great deal you thought you were getting. Best case scenario: a little paint here, an update there, and BAM! Dream home.  You’re about 3 weeks into the process; so, technically 69 days left…Or 39 days if you’ve lucked out on a 60-day process. Here are some things to keep sane in the beginning.

At 60 days out, you’ve signed a bunch of papers, called your real estate agent once a week or more and you feel like this: Short Sale Process Tips to Keep Your Sanity - Quicken Loans Zing Blog

Well here are more things to keep sane now that you have 60 days to wait:

At 30 days out, you’re in the final stretch. You feel kind of like this: Short Sale Process Tips to Keep Your Sanity - Quicken Loans Zing Blog

While you’re rereading what you’ve signed so far, you will cross your fingers, your toes, and tell all your friends and family on Facebook to do the same, and you’ll get bored of sitting around with your toes crossed and try some of these sanity-keeping tips:

  • Try 30 sandwiches. Even if you don’t live in Chicago, this article will give you a jumpstart on your sandwich to-do list.
  • Don’t eat junk. Tips to eat healthy fruits and vegetables on a budget, for 30 days.
  • You may be on a budget, but don’t eat mac & cheese for 30 days. Unless you really want to.
  • Learn five habits in 30 days. You’ve been putting this off and why not better yourself while waiting on that short sale approval?
  • Play with your hair. Maybe this is easier with long hair, but why not go blonde, go pink, buzz a design onto your head. Go nuts on your hair, not your short sale.
  • Learn to play piano in 30 days.
  • Write a novel in 30 days. I know I’ve said this before, but if 45,000 kids and teens could do it in 2010, I have faith in you, me, and anyone else aspiring to write.

Remember: don’t put your life on hold, don’t lose your positive attitude, and don’t go crazy. Because some short sales exceed 90 days, and others are less than 60 days, I do recommend you ask your banker and real estate agent about what is expected for your situation.

If anything, at least this article gave you some ideas for how to kill time, and you weren’t thinking about your short sale for about three minutes.

 

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2 Responses to Short Sale Process Tips to Keep Your Sanity

  1. Darren E April 1, 2012 at 5:24 pm #

    Great article, the tips were really good. I’m thinking about short sales but I’m turned off by the 90 day period, I mean I’m a type A crazy person so I would inevitably, like you indicate, drive myself crazy thinking about the sale if it’s progress! It sounds pretty risky to buy a house on short sale but the payoff is pretty good – a much lower price. I think I might write that great American novel after all…. Thanks again for the tips!

  2. Mike Warren Real Estate September 12, 2012 at 8:56 am #

    Yeah, short sale is pretty boring to wait. Keeping in touch with personal goals would be a big help not to get bored on the listing.

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