The clock is ticking! Even though a successful short sale can STILL take 6 months to iron out, keep in mind that there is only so much time to accomplish your goals. As if getting an approval is not complicated enough, now we have to contend with ridiculous time lines to get the financing together to close the short sale! Financing guidelines continue to tighten up and government loans are taking longer in underwriting due to high demand. I'm finding myself having to go back and renegotiate terms with 1st and second mortgages because the purchaser of the home needs more time to get their loan closed!
Lenders are becoming relentless, with demands of additional funds, reduced commissions and reduced closing costs. Instead of trying to streamline the process, I have found certain lenders (OCWEN!!!) have become overly agressive in their negotiation tactics and their expectations of the short sale. I have found that it is not on common for them to change their requests, be completely rude, refuse to put things in writing etc. The good news is that other lenders are becoming more cooperative and understanding,BUT the most important lesson is to take a close look at the financing when you accept your offer. Financing must be strong, or you may just be waisting your efforts for a deal that will be approved to close but out of time to find a qualified purchaser. Please visit www.equitynegotiations.com for more information on short sales.