Adding Buyers to the Deed After You Get Short Sale Approval is a PITA

By
Real Estate Agent with RE/MAX Gold DRE #00697006

changing title after short sale approvalJust don't do it, I tell short sale buyers, don't change your mind at the last minute. You're asking for agony and possibly losing that short sale you're trying to buy. But buyers don't stop to think about this stuff because, after all, if you buy a pair of jeans that don't quite fit right at Macy's, you can always take them back after you get home and trade them in for something else. This is the world of buyer satisfaction, and we mean complete satisfaction or your money back.

Sacramento short sale agents try to make their buyers happy, but you can't always predict what a buyer might do or want. That's why it's a good idea to talk about the way a buyer will hold title to property when they are buying a short sale. Because there might not be a second chance to change your mind about adding or removing buyers to the deed after you get short sale approval.

Read more on my personal blog today about Adding Short Sale Buyers to the Deed After Approval.

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Weintraub and Wallace Realtors

 

 

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Topic:
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Location:
California Sacramento County Sacramento
Groups:
California Short Sales, REO's, and Foreclosures
Posts to Localism
Short Sale Specialists & Pre-Foreclosure Education
Short Sales Specialists
Lyon Realtors
Tags:
short sale advice
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sacramento short sale agent
adding buyers to deed
taking title to short sales

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Rainmaker
406,721
Matt Brady
Finance Of America - Del Mar, CA
Lending With Competence And Character

Just one of many things we as a lender would like to say "Just don't do it" about. Good Advice.

 

Feb 20, 2013 11:54 PM #1
Rainer
403,840
Dan Hopper
Keller Williams Realty Downtown LLC - Denver, CO
Denver Realtor / Author / Advocate/Short Sale

You are right, Elizabeth... you will definitely delay the "updated" approval process if they MUST add someone else to the process.  No sense in causing a delay or denial after the submission of the purchase contract to the short pay-off lender(s).

Feb 21, 2013 12:26 AM #2
Ambassador
1,229,631
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

For a second I wasn't sure what PITA was--thinking it was pita bread and getting hungry. Yes, it is best to know all the buyers names up front or face the consequences later.

Feb 21, 2013 08:24 AM #3
Rainmaker
2,519,075
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

I really must begin putting on my glasses before I start reading these blogs.  I read the subject line as, "Adding Buyers to the DEAD After You Get Short-Sale Approval..."

Of course, as a short-sale agent, you likely feel that's true, at least some of the time. . .LOL

Feb 21, 2013 10:09 AM #4
Rainmaker
2,887,228
James Dray
Fathom Realty - Rogers, AR
Exceptional Agents, Outstanding Results

Morning Elizabeth last minute changes have killed a lot of deals.  You tell them and tell them again but some have got to be hard of hearing they do it anyway and lose the deal.  Guess who gets blamed for it?

Feb 21, 2013 07:50 PM #5
Ambassador
3,084,645
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

There are no quick changes or last minute additions in the world of short sales.  I bet that even if one of two buyers died in during the process, getting the deceased buyer removed from the letter would take at least a month.

Feb 22, 2013 05:14 AM #6
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