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Costly Short Sale Mistakes To Avoid Be aware that the process of conducting a lender-approved short sale is more time consuming and complicated than a traditional home sale. Here's why:
|Complications of Lender-Approved Short Sales|
Many lenders will not agree to short sales in advance --
sellers must have a purchase offer in hand before asking for lender approval. As short sale specialists we know the only thing that will stop many lenders from letting the foreclosure train leave the station is a buyer's valid offer.
The buyer must have the patience to wait --
perhaps weeks or months, for your lender to approve the short sale. It takes a very motivated buyer to enter into such a transaction knowing that the deal could ultimately fall through.
Many short-sale purchase offers come with numerous contingencies designed to protect the buyer.
For example, the buyer's inspection contingency may be written so as to allow the buyer to back out of the deal if anything negative appears in the inspection report. (This is another reason to put your home in the best condition possible before listing it for sale.)
Securing your lender's approval can be a long process.
In fact, if your loan has been assigned to a servicer -- who handles your loan for the investor who owns it -- much of the negotiations will occur with the servicer's representative. Only when the servicer is satisfied with the short sale will it be placed before the investor for approval.
If you have more than one loan secured by your home --
you will have to either pay off those other loans or negotiate with those lenders to release their liens on your home so the short sale can proceed. It may be necessary for you to hire a reputable company or an attorney to negotiate with lien holders on your behalf.
Still, lenders approve short sales every day. The best path to success is working with a real estate professional that thoroughly understands the process and can guide you through it. That's why our services are particularly valuable. We'll help you price your home appropriately, find a committed buyer for your short sale, negotiate with your lender's representative and keep the short-sale process on track through closing/settlement.
Working together we'll get your home sold as quickly as possible.