The Frustrations of Northern Virginia Short Sale Contracts

Here's what I think of short sales......Blech!

That being said, I have successfully closed a few for buyers but really, they are so frustrating and when you have clients that are behaving badly it just compounds things. What would they do if their offer on the second house was accepted and before they had time to withdraw their first offer it was accepted? Walk on the home inspection?

I'm sorry for the trauma. It will be a happy day (in my opinion.....which I know is not shared by all) when there are fewer short sales out there.

Chris Anne:  It can be very frustrating.  Our closing ratio on short sales greatly improved once we required decent good faith deposits from the buyers.   If they do not deposit - our seller's will generally not accept their offer.  No $$$ No Deal.   Do not know if this buyer was willing or if the listing agent even addressed it.  But... if buyer's have the good faith money to lose - it's theirs to lose.   

Chris Ann-I encountered an agent this weekend who told me she had a ratified contract on a short sale.  Of course it is active in the computer.  When I asked if the seller had signed the contract she said "yes".  Then she claimed that the lender wanted to see all offers and she would leave it active.  Oh DUH.  I flagged the listing but who knows whether they will have it change it or not.

 Chris Ann ---- thank goodness not all buyers are like these that you had --I would be interested in the final outcome of this.

                                                                   

Chris Ann, let me start by saying that I haven't done any short sales, just read about them Active Rain.  And while I think what they are doing is pretty mean to the sellers, it's easy to understand where they are coming from.  They are looking at the 3-month delay as a pain, not as the probable conclusion leading to their new home.  And they've probably read lots about the chances of their even getting it approved. 

Chris Ann-I have to laugh at your Chris Ann does not approve clause.  If only we could do that!  LOL  Maybe if they had put a binder down on the first offer they wouldn't be looking around so intently.  However it is frustrating on their side when they are kept waiting so many months.  Plain and simple short sales suck.  We try and lock them in so these types of situations are avoided but when they get tired of waiting who knows what can happen.  In your situation like you said one of those parties will wind up getting hurt in some way. 

Buyer's will try to make sneaky moves and put us(realtors) in the middle. I had someone try something quite similiar and trust me i prayed that it didn't work out. The things they THINK we will do for them.