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lenders: Short-sale success strategies Right agent, right offer price work wonders
- 04/04/10 04:26 AM
By Dian Hymer, Monday, March 29, 2010. Inman News
Some buyers have made offers on short sales, then waited as long as six months to a year, only to be denied lender approval. Approval from the seller's lender(s) of current loans secured by a short-sale listing is necessary if the proceeds from the sale aren't enough to pay back the lender and cover the seller's closing costs. About one in three short-sale listings never sell. The Obama administration is encouraging lenders to do short sales for their financially distressed borrowers rather than let the property go into foreclosure. Incentives are given … (2 comments)
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