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A real estate friend of mine out in Las Vegas, Renee Burrows, recently wrote a blog about how a close acquaintance of hers was in the process of purchasing an "approved" short sale. There is No Such Thing as an APPROVED Short Sale! Each buyer has to be Approved by the bank(s) on a short sale.
Contact Eric Michael if you need any Short Sale information in Michigan, and Renee Burrows if you're in Las Vegas, Nevada.
I have a very close acquaintance that is purchasing an “approved”short salehome in another city and is frustrated. To protect the innocent, Iwill call him “dad” from now on.
Dad called me the other day, very frustrated as mentioned, annoyed with the banks taking their sweet little time on his “approved”short sale. He has bought the furniture and cannot understand why they cannot close on this “approved”short saleASAP.
I had to explain several things to dad about “approved”short sales. First of all it has to be determined at what capacity the short sale was “approved”. Did it have a buyer that walked away? Did the servicing company mention to the seller that there is no workout solution available to them and they should “try” toshort sale? Did they attendforeclosure mediation(Nevada specific) and was a short sale mentioned as a possible solution?
That brings other questions: Who is the servicing company? Who is the investor? How many liens? Is the HOA current? (and so on and so forth.)
Basically none of the above matter because an “approved”short sale– no matter the scenario – still needs to be approved for the buyer specific. New accepted buyer offers will need a new approval.
Even if it seems like a “slam dunk” situation where dad can waltz in, many things can still happen in the approval process for the new buyer:
HOA can go delinquent or other liens may appear
Vacant homes may experience deterioration or vandalism which may affect the ability of the home to be financed
Servicer can order a new appraisal orbpowhich comes in high and can skew the whole situation
Servicer may not think this is an arm’s length transaction
Then the question comes up – how long will this re-approval process on a short sale take? Well for the most part it isn’t that long, you should know within a month – typically. But it can be anywhere from two weeks to two years. Hope that narrows it down for you dad!
The problem withshort sales is that so manyshenaniganscan be pulled that the banks want to make sure that everything is in place: valid hardship, solid pricing, arm’s length & so on and so forth (again.) Every new approval will have new price, terms & conditions that the sellers will have to sign off on. These price, terms & conditions may have lasting consequences for the sellers and they do not have to accept the terms and conditions if they don’t like them. This means the home may not be sold via short sale.
There are no concrete rules or answers in theshort salegame (purchasing or selling). Eachshort saleselling scenario is like a thumb print – no two are alike.
Unfortunately. The only thing “short” about a short sale is the payoff amount.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.