Henry County GA Short Sale - Set the Right Expectation
Your Henry County short sale will be easier when you have accurate expectations established from the beginning.
Ever wonder why the short sale process seems to take so much longer than a traditional sale? One of the main reasons is the number of stakeholders who must all agree. You might be surprised at the number of players who have a stake in that short sale bargain you are waiting to be approved.
First, of course, the buyer and the seller must agree to their contract. But then the real fun begins when that contract is submitted to the lender for approval. For the short sale approval is often contingent on several sets of guidelines from the different parties holding interest in the loan(s). Also, the major players may not only have agree to accept the short sale price, but also must all agree to every one of the terms of the short sale contract.
Since most of these “interested parties” will lose money on the deal, decisions must be made as to how much they are willing to lose and under what terms and circumstance they will allow this to happen. Only then can there be consensus on the approval. The result is the lengthy process we’ve all come to expect.
Who might be involved in your Henry County GA short sale approval process? Here’s a fairly common list:
- The 1st Mortgage Holder
- The 1st Mortgage Servicer
- The 1st Mortgage Investor(s)
- The 1st Mortgage Insurer
- The 2nd Mortgage Holder
- The 2nd Mortgage Servicer
- The 2nd Mortgage Investor(s)
- The Home Equity Line of Credit, etc, etc, etc
- The 2nd Mortgage Insurer
- Plus, any other Junior Lien Holders (HELOC, tax liens, credit card liens, HOA liens, etc) that must be satisfied before the title can be transferred to a new owner.
Get the picture? As you can see, patience and cooperation will be required by sellers, buyers and agents. Your Henry County GA short sale agent should be sure that these things are explained to all parties up front, so that correct expectations are set when entering into a short sale negotiation.