Won't my cash deal make a short sale easy?

Mr. Buyer, short sales are not easy, no matter what.  Despite how logical it seems to me and you, paying with cash does not necessarily short circuit the lender approval of a short sale.  I am sure you think your offer looks like a slam dunk, and truthfully, it should be.  The problem is that there are so many variables that neither of us can control. 

We hope that we have a very experienced listing agent on the other side.   We also hope that the listing agent was smart enough to involve a local attorney here in St. Louis that specializes in short sales and has really perfected the art of getting short sales negotiated and closed in the shortest time possible.  They have made inroads into determining who decision makers are at each of the major lenders and have backdoor access to these people.  If you have a listing agent who has either never done a short sale or understand the process, this could make a complicated situation even worse. 

Even with a very experienced agent on the other side, time is the most unpredictable factor.  Everything depends on the internal processes and resources in place with the lender or lenders who are involved in the short sale.  A single lender makes the process a bit easier.  If there is more than one lender involved, the complication factor has just risen significantly. 

Yes, truly, cash is king.  While the listing agent may tell the lender that yours is a cash deal willing to close in just weeks, the lender may have to work through 10s to hundreds of other case files before yours.  Once they reach yours, really, they will be happy with your offer.  Once approved, the process usually moves quickly.  In fact, the lender will want the deal closed in 30 days or less.  Great news for you with cash and willing to close quickly. 

  The big question is time.  Do you have the time to wait out the process?  If so, you could potentially get a great deal.  If not, this really might not be the house for you.  Only you can decide if you are willing to wait.  I wish we could tell you how long the process will take and that cash will solve the waiting dilemma for you, but we really can’t.  It wouldn’t be the truth.  You will probably have to wait in line like everyone else.  But once you get the OK, you will be sitting pretty.