Expert: Stephanie Frost - 11/3/2009

Question
it been almost 1 year my home been on the market for sale. i got a short sale approval from lender 8 months ago  but yet no response from the broker about a buyer.the property have a lot of traffic but no sale. mind you i am stuck and do not know what to do , this is an investment property.

Answer
Susan

You're not alone.  Many property owners are in the same boat, and unfortunately there is little to be done about it.  Many buyers have goten leary of making offers on short sales due to the long times needed for acceptance or lack thereof.  And even if your bank has approved the notion of a short sale, that doesn't mean that it would take any less time to get the job done, once a buyer makes an offer.
But 8 months without a offer would definitely suggest that a price drop is in order.  Many brokers who work extensively with short sales schedule automatic price reductions every two weeks until they get an offer.  Perhaps that is something to consider.

Good Luck,
Stephanie Frost
www.StephanieSellsOcala.com