The Buyer Backed Out of Your Rocklin Short Sale - Now What?
Nothing is worse than getting a Rocklin short sale approval from the bank, only to have the buyer back out at the last minute. Unfortunately, this is happening a lot lately. A lot of buyers can't follow through with a sale because their circumstances change, they can no longer qualify for the loan, or they're scared that they are overpaying and prices are still falling.
What happens when a buyer backs out of a Rocklin short sale? It's important to get another offer right away. Put it back on the market at the approved short sale price. If there are no offers in a week, lower the price and make sure you are priced at market value.
Your Rocklin short sale agent should submit the new offer package to the same bank negotiator already assigned to your short sale file. Most banks will allow the bank negotiator to continue working on the short sale file with a different buyer. This is a good! If the terms of the short sale are similar, the negotiator can usually obtain a new short sale approval within 2-14 days. Then the buyers will proceed with the sale, just like a traditional sale, and can close escrow within 30 days.
Some banks require a different negotiator be assigned to the file. This takes more time. Your Rocklin short sale agent needs to submit the entire short sale package to the short sale department right away. It normally takes 1-2 weeks to get a new negotiator assigned to the short sale. The negotiator will then process the package again to get a new short sale approval. If your bank requires a new negotiator after the first buyer backs out, you are looking at 2-4 weeks to get another short sale approval for your new buyer.
When a buyer backs out of an already approved Rocklin Short Sale, it definitely slows down the short sale process. However, an experienced Rocklin short sale agent can get a new offer and short sale approval in 1-4 weeks depending on the bank. Often inexperienced agents do not know what to do when the first buyer can no longer go through with the property. Loosing your first short sale buyer, doesn't have to be the end of the short sale!
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The Buyer Backed Out of Your Rocklin Short Sale - Now What?
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