Evelyn Santiago makes some excellent points in her "Same On You Short Sale Buyer!" post below.

The Contract of Sale is a bi-lateral contract between the seller and buyer.  Both have obligations to perform under the Contact of Sale.  Buyers might not understand how much work goes into getting a short sale approved.  It's not a trivial task.  There are many obstacles and challenges to obtaining that approval.

Once the seller obtains approval, the short sale buyer needs to be ready to buy.  While its unlikely that a short sale seller could compel the sale, the possibility for a suit for performance could result once the seller obtains approval.

Failure by the buyer to purchase upon seller obtaining approval to sell, usually results in the seller having to start the short sale process all over from the beginning.  It can be an ugly mess for the seller.

Via Evelyn Santiago - Dynamic Real Estate Network, Inc.:

After waiting over 3 months for a short sale approval it never seems to amaze me how a Buyer could in one fell swoop lose it all!  I just got word that one of my pending approved short sales has lost its buyer due to the buyer's inability to get a mortgage!

How can that happen?  You Short Sale Buyer's Think it can't happen to You?  Well, unless you have read my previous blog about the 10 Commandments of Getting to Close then you might also lose it all after waiting months for a short sale approval because you didn't listen to your real estate agent or your loan officer!

Folks, this is serious!  Lending guidelines have changed.  There is no room for errors or miscalculations, no fudging, no maybe I won't get caught, etc.

There are no excuses to lose your dream home becausae you didn't understand the rules!  Wise up and follow the 10 Commandments - get to Close!  Don't disappoint your family, friends and loved one and don't disappoint your real estate agent and loan officer!  We don't get paid unless we close folks!

Steps to Home Ownership

Yea, I know, why would anyone want a job where they actually have to rely on a series of events that they have no control over to make sure that the hours and months that they have spent working on a deal happen only to be disappointed because someone thought they were different and could do it just this one time!

Just us real estate agents and loan officers that believe that those that can afford to buy a home should buy a home especially in today's once in a lifetime opportunity to buy during the lowest interest rates with the most choices in stock that we may see in a long time.

So, don't be one of those Buyer's that have to walk away from their home ownership dreams!

Evelyn Santiago

Managing Broker - 630-251-0059

Dynamic Real Estate Network, Inc.

 

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Stephen Howell, Associate Broker, Coldwell Banker Residential Brokerage, Annapolis, MarylandIf you are interested in buying or renting a home in Annapolis, Maryland or the surrounding area and want to tour any property currently on the market, or if you have a home to sell or rent in Annapolis, Maryland and want a professional consultation on current market conditions, please contact me at 443-994-8043 or e-mail me at showell@cbmove.com or visit my website at LiveInAnnapolis.com.

Stephen Howell came to Annapolis to sail the Bay in 1994. What he discovered was a whole new lifestyle. Ever since Stephen Howell has been successfully helping others make the most of Annapolis. You'll find that with the right professional by your side, you can Live the Lifestyle and Live in Annapolis.

Stephen Howell and Rocky (his lab-mix from the SPCA of Anne Arundel County in Annapolis) live on the Chesapeake Bay near Annapolis, Maryland. He works in the Annapolis real estate market. His website lets people search the Washington and Baltimore metropolitan area MLS. Buyers can also search for waterfront homes along the Chesapeake Bay. His website has current real estate data on Annapolis, Anne Arundel County, and Maryland.

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2 Comments on Shame On You Short Sale Buyer!

JUN
09
939,387 Points 94 Featured Posts Outside Blog Attended Rain Camp

This is a good reblog. It is important for buyers to be respectful of those sellers facing foreclosure and not make an offer unless they are serious about the property.
6:35am • #1
224,717 Points 4 Featured Posts Outside Blog Called Shot Master

Seems to happen far too often. For the most part here in CA the financing and inspection contingency periods start after short sale approval and this where things can fall apart. Important to go with a strong buyer.
7:29am • #2

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Stephen Howell

Selling Annapolis MD Luxury and Waterfront Homes

Annapolis, MD

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Coldwell Banker Residential Brokerage

Address: 170 Jennifer Road Ste 102, Annapolis, MD, 21401

Office Phone: (410) 224-2200

Cell Phone: (443) 994-8043

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Real Estate Market Assessment, Conditions, and Outlook for Maryland, Anne Arundel County, Annapolis and the surrounding areas of Arnold, Crownsville, Riva, Edgewater, and others.

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