Special offer

Your signature can delay short sale approval if you are not careful.

By
Real Estate Agent with RE/MAX Centre Realtors

Short sale approvals take time. It is unfortunate that they do not check the entire agreement of sale when they receive it before sending it to negotiators to approve or counter the price.If you are the buyer agent you should check the entire purchase contract before submitting it to listing agent for the following things

1.Signature of buyers should be the same on all addendums and agreement. The buyer cannot sign one addendum as say Tom and another as Thomas. If they have middle initials they should also have it on all addendums.If you are--- Sr or ---Jr it should be signed that way. Sign the exact same way every time you have to sign something they send you. If you do not do so, they will request it  months later and if you do not respond to their request within 48 hours they may delay it by weeks.

2. Name of the street should be the same. You cannot say street on one page and rd on another page. Please see what it should be and be specific.

When you are dealing with short sales it is important to cross you T's and dot your i's .

When you are the listing agnet and you receive the offer from buyer agent please check everything again before submitting it .

 

 

Posted by

When you read about events please check the year for the event as some people find information a year later and think it is for that year. . The posts remain online even after the event.

Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com

 

She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email gita01@aol.com

If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491

 Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others  in my post and comments is not to be construed to be  legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.

IF YOU WOULD LIKE TO SUBSCRIBE TO MY BLOG         CLICK HERE   OR EMAIL ME AT Gita01@aol.com

 

John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

Great points Gita.  It's also a good idea to know in advance if the lender will be ok w/electronic signatures or if wet signatures are required.  I've seen this cause delays on some files recently.

Sep 30, 2013 06:22 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

John, Thank you for the great tip.

Sep 30, 2013 08:18 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Good tips for short sale buyers Gita. Check everything and then check again!

Sep 30, 2013 10:22 PM
Roy Kelley
Retired - Gaithersburg, MD

Paying attention to the details in a requirement for successful transactions. Another good blog, Gita.

Have a most productive week.

Sep 30, 2013 10:38 PM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Especially in short sales and foreclosures, it is always wise to proof read everything over and over again !

Sep 30, 2013 11:44 PM
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

Gita: I was just looking at a lease contract where the landlords signature varied slightly every time. It was just weird. Most people sign their name the same all of thetime. (Not that you could have read what it said,which is why it was odd that it looked a little different each time.) I found it odd.

Sep 30, 2013 11:48 PM
Pam Jank
Coldwell Banker Schneidmiller Realty - Coeur d'Alene, ID
Your Coeur d'Alene & North Idaho Real Estate Pro

Gita, So true, plus each correction can add a week to the approval process.

Oct 01, 2013 02:07 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Gita a great tip for short sale clients.  It is important to sign the same way on all documents or else  the paperwork will be sent back.

Oct 01, 2013 03:48 PM
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Gita.  Short sales are all about not getting approved.  Dumb, dumb, dumb.

Oct 02, 2013 11:40 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Larry and Sheila, I agree.

Roy, You too have a good week.

Kristin, It is especially important in short sales.

Joni. I wonder what will happen if he ever buys a short sale.

Pam, Maybe even more than a week.

Jennifer, We have to advice them before they start signing.

Oct 02, 2013 09:52 PM