My Escrow gal asked me this very question yesterday. I had received the Approval Letter for the first lienholder (already have the approval from the 2nd). It literally gave us 8 working days to get the deal done..this after scratching and begging and pleading for the approval letter as the Sale Date is approaching. OK..we open Escrow, get the Inspection/Termite done over the weekend and we are golden, right??? Not quite..
The Buyer balks at the wording on the Letter..."Buyer may not transfer ownership for 30 days after COE" (something like this).
Uh-oh..Buyers' agent says.."hey, this is a deal breaker. My Client has to put the property into his LP concurrently" OK..I have basically 24 hours to get this one fixed up. I spent yesterday attempting to do just that..and succeeded!
Luck or skill???? I like to pat myself on the back when I can, but the reality is that I do not give up easily. I know that has alot to do with my very high success rate in closing my Short Sales here in Palm Springs Valley of California. But..and it's a HUGE but..I chanced into a sane closer. That's the bottom line.
Moral here?? Never judge your current Short Sale by your past one. Each short sale is different because each negotiator is different. Some are more experienced than others, some are more flexible than others and some just "GET IT." better than others.
This time I got lucky..on to the next Short Sale Close!