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.
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!
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!
Managing Broker - 630-251-0059
Dynamic Real Estate Network, Inc.