Horror of a Shortsale

Dated: 05/30/2013

Views: 1094

Horror of a Shortsale

We all know shortsales can take a long time and a person has to be patient.  But recently I had some folks have a Horror of a Shortsale.

The Buyers made an offer in January, took the bank 2 months to approve and then tell us we had 30 days to get inspections done.  So fine, we get that done in a timely manner and head into sign the buyers final documents.  Upon leaving we are all excited thinking almost done, and lo and behold, the following day, we get a call from the title company that there is a 2nd lien on the home that the negotiating shortsale team has overlooked.  

So now we  are sweating, as the buyers cannot get an extension on their loan rate again and will not be able to afford the home, at the new ½ % rate increase.  It was very possible that this lien could not be settled in time.  Lady luck was with us though, and we did get this lien negotiated at the final hour and were able to close on the very last day possible.

But the hard lesson learned here, is never presume that someone else  in a real estate transaction is taking care of all the details, even if they are the experts.

Question everything you see and read and then have your agent make sure that every little detail has been tended to, or even after patiently waiting 5 months, you could still lose your dream house and end up with a Horror of a Shortsale.

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