Short Sales, Where is my ratified contract?

By
Real Estate Agent with Eric Mitchell Properties - Keller Williams

Short Sales can be very difficult for buyers to deal with.  I have learned the short sale should really be called the Long Sale.  The main reason they take so long is because of the 3rd Party approval process which can take months.  Now, don't get me wrong there are some lenders that are very responsive but I have to say that most are not.  I have learned about the short sale from my colleagues and through what I have gone through with several of my clients.

Short Sales can take months before you get an answer.  The worst part is that most lenders will try to renegotiate the contract even if you are giving them their asking price!  Example: If you make an offer for the asking price, you should get the property, especially in this market, right?  Well think again.  Numerous lenders will counter an offer.  I have seen some lenders counter 10 to 20 thousand more then the asking price.  Yes, you can walk away but if there isn't another "great priced property in the neighborhood" what do you do?  If you reject their counter offer and then later decide to accept their offer, well guess what, the approval process starts all over again.  So before you walk away, really make sure you have the time to wait it out again if you can't find anything better.

If you are interested in more information on this topic please feel free to call or email me.

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