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6 Comments on Two failed Short Sales and it's only Tuesday!
Sid, You're not alone. Recently while we are represeting a buyer, the buyer's lender called and said the buyer was disqualified, as the social security says they OVERPAID her over several years and she owes over $4,000. That killed the sale. It was a short sale and the seller had vacated. Good thing they have 2 backups, but our transaction was in escrow for 4 weeks before this popped up!
Sidney
Somewhere between 30-40 SS fail to close here in the Napa Valley. The most common reason I hear is the buyer got tired of waiting for lender's approval and went off and bought something else. I know this is not legally a reason to walk, but it happens all the time.
Good luck with yours, cheers cvc
I assist agents with short sales and personally, I don't like working the buyer side simply because in the majority of the cases, the buyer agent gave false expectations and unrealistic approval times to the buyers. I have seen contracts with a 45 day closing on the offer and the agents is telling the buyers that if we keep bugging them daily, the agent will pressure the lender for a quick approval. This is a short sale people, not a quickie. Some even expect the sellers to sign first then send the docs/amendments to the buyers for signatures. Seriously!!!
Not all short sale make it to closing.
Hi Sidney,
That must be so frustrating for you. But like the great Temecula short sale agent you are, you have a backup and a game plan for dealing with these things. That's really commendable, keep up the good work!
Already recovering on both these short sales.New multiple offers in and the banks are on-board to fast track them back to closing.
Sidney, I'm sure you will find new buyers and close escrow. I unfortunately have had this problem, too. One buyer lost their job after acceptance. :( Hang in there, short sales are not easy and takes experience and determination. Best of luck,