Getting a short sale approved is no easy task. Buyers can, and do, walk away if they feel the transaction is taking too long. Mortgage insurance companies frequently demand unreasonably high contributions from the seller, thus killing the deal. Servicing rights can be transferred to a new lender mid- transaction. The foreclosure auction occurs despite the lender repeatedly telling you that it was postponed. These are only a few examples of what can go wrong. Admittedly, many of the aforementioned reasons are unforeseen and cannot be prevented. The majority of short sales that fail, however, do so because the person handling the transaction makes a mistake and the buyer walks away prior to obtaining short sale approval. While it is imperative that the person handling the short sale negotiation takes certain steps to ensure a successful short sale, the buyer's agent plays an equally important role in the approval process. With a traditional sale, the buyer and seller negotiate against each other, whereas the agents in a short sale must work together to keep the transaction from falling apart. As someone with an extremely high short sale success rate, I encourage buyer's agents to take the following steps in order to ensure a successful short sale transaction.
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About the Author: Andrew Coppo of Greater Boston Short Sales, LLC (GBSS) is Massachusetts’ leading short sale negotiator. GBSS assists buyers, sellers, real estate agents and attorneys with getting their short sales closed. Contact us today if you are a homeowner facing foreclosure or a Realtor seeking assistance with a short sale transaction. GBSS is a MARS provider. Please read our disclaimer HERE.
If you are considering a Massachusetts short sale, and would like a free short sale consultation, please call Andrew Coppo to schedule a meeting or a telephone consultation at (617)264-0376.
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