A Short Sale Agreement Doesn’t Guarantee You’ll Become the Next Owner
By Kelly McGovern, Working with Kelly is a good move
(Realty Concierge International)
Many buyers are surprised to learn that having an accepted short sale offer does not guarantee ownership. Even if you’ve signed a sales agreement and the bank has approved the short sale price, the transaction is never certain until the closing is complete and the deed is recorded.A short sale is only considered when a homeowner is significantly past due on their mortgage, often for many months. Because the loan is in arrears, the property is also in the lender’s foreclosure department. What most buyers don’t realize is that the short sale department and foreclosure department do not communicate with each other. They operate independently, each with its own timelines, priorities, and legal processes.This creates a race behind the scenes: If the short sale department completes its review...
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