1 CA – We recently gave a couple of common reasons that short sales fail. Today, we will go thru a few more reasons.
(To recap, here were the reasons we put in our previous blog post. Reason #1: The sales price is lower than the lender wants. The lender thinks the home is worth more than it is selling for and won’t approve the short sale unless the price is for the value they have.
Reason #2: The tenant doesn’t allow the home to be showed. Many tenants do not want the home to be shown to buyers because they will have to move before it sells.)
Reason #3: Your realtor never followed up with the lender. Short sale negotiators are not in a rush. They don’t get paid by the file.
They also make the rules. They will issue ultimatums. “Get me this document by Tuesday. If you don’t, then I will cancel the short sale process.”
Restarting the short sale process will set you back 30-60 days. If your agent doesn’t follow up on the process regularly and quickly respond to requests, then your short sale may be canceled.
Reason #4: Your realtor didn’t keep their paperwork organized. Lenders want correct paperwork that is properly filled out. They want everything organized.
Most short sale departments are a bureaucracy. They have checklists to fill out, forms to check, and other things to check.
If your agent is not organized, then they won’t be able to give them the correct paperwork. They might lose paperwork and have to hunt down replacements.
This takes time and slows down the process. So, be sure you hire an organized, competent agent to help you with your short sale. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at Ashish@EastLionInc.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (818) 259-3455
Thanks for reading this, Ashish Trivedi.
Ashish is the owner of East Lion Realty & Mortgage
Phone: (818) 259-3455. Ashish@EastLionInc.com.