Last week we finally closed on a short sale listing that we had been working on since April, 2010. I normally prep my sellers to be prepared to wait 3-6 months for their sale to be approved. Occasionally we run into problems and it takes longer. In this case, the buyers kept backing out and we ended up selling the property 3 different times which meant 3 different contract negotiations. And this was also an investor owned property which is always a little more difficult to get approved. Fortunately the seller was able to walk away without having to bring any money to the table (other than past due HOA/COA fees) and did not have to sign a note payable.
The key to getting short sales approved is to make sure you have a price that's considered fair market value, you have a seller willing to provide all the necessary documentation, and you have buyers willing to hang in for the long haul. All parties - agents, buyers, and sellers need to be committed to the final outcome. If you or someone you know has questions, please feel free to call (540) 347-5277 or e-mail info@millerpropertiesonline.com. We're always ready and willing to offer our advice.
Happy New Year!!
# posted by
Chip and Becky Miller @ 11:29 AM
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