I am currently working a Short Sale. It is not the first one I have done but, as with everything else it appears the rules are changing as each one is being done. I actually did my BPO before listing the property and based it on a price driven market which we are so in right now.
I have been receiving calls and showings on a daily basis as well as I am expecting two possibly 3 offers today. Which shows me I am right on the mark right?
Then yesterday I receive an email from the Lender telling me the Seller has been approved for a Short Sale but, I am now being told I need to increase my sales price to allow the Lender to receive x number of dollars and I am being given a certain number of days to accomplish their bottom line or they will proceed with the foreclosure.
The reality is when I increase the sales price the calls and showings will stop! Additionally when I have completed Short Sales in the past the rule was the Seller could not receive any funds what so ever at closing. Based on this email the Seller will receive money at the closing if it closes by the Lender Deadline as well as if we can't meet their deadline the Seller will receive money to walk away.
Once again I say: "Short Sale - OH ME- OH MY!"
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