71% of Short Sales Fail

I went to a very informative seminar put on by Bank of America this week and was stunned to learn that 71% of short sales fail.  The no. 1 reason is that the proper documentation is not submitted timely.  If we, as agents are going to due diligence in the representation of our sellers, the necessary documentation should begin to be gathered as soon as it is apparent that a short sale will be attempted.  Don't wait until an offer is received.  Then once that acceptable offer is received, a complete package is ready to be sent into the lender, with no further delay.  You may even wish to send in preliminary documentation prior to the offer being received to establish the fact that a short sale is being started.