5 Most Common Complaints of Short Sales : Part Three

13 Aug

3.  Last minute postponements/cancellations. These
transactions have an uncanny way of being delayed at the last-minute – or never
going through at all, through no fault of the wanna-be buyer. You signed docs
yesterday, put your dog in the crate this morning and just hopped in the moving
truck, only to get a text from your broker that the deal didn’t close because
the escrow company which was selected by the bank flubbed the check boxes on a
single sheet of paper (it happens). Or, you’ve been in contract (with the
seller) on a short sale for four months, and the bank refuses the sale entirely
because the seller refuses to kick even $1 of their own cash into the deal,
despite having a flush savings account.

Avoid the drama by:  staying as flexible as possible
with your moving plans as long as possible.  Best practice is to plan on
some overlap between the time you can be in your last place and your scheduled
move-in date.  Also, if you’re in contract on a short sale, you should
take the point of view that you don’t have a firm deal until you get the bank’s
approval of the transaction. So don’t even think about starting to make moving
plans or paying for home inspections and appraisals until you know the bank has
greenlit the deal and that the purchase price and terms they’ve approved work
for both you and the seller.

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Posted by on August 13, 2011 in The Market, Uncategorized


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