Real Estate Information - Common Challenges in the Short Sale Process - www.cjharrington.com

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Common Short Sale Challenges

1. Keeping the buyer is on of the worst problems with short sales. Usually, the first contract never goes through.  This is because they generally take 3-8 months to get through, and in the process the buyer loses interest.  This should have been handled up front by discussing the risks involved with your client.  Unfortunately, many agents treat this like a normal transaction, and try to strong arm the bank. 

2. Making sure the short sale packet is uploaded into the bank's system.  Don't just send the packet once, and by no means just send it through one means.  make sure to send the packet at least twice through all contact mediums.

3. Getting the seller documentation together. make sure your client either has this together up front, or is made aware that this is their main responsibility in this transaction.

4. Bank commission negotiation. Some agents start high and add fees in original or all offers knowing they'll be negotiated.  Always be reasonable.  In this market, a fair deal is a done deal, and a done deal is always better than no deal.

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