When are some short sale lenders going to start working with us to bring buyers and sellers together for a short sale BEFORE their sellers go into foreclosure? Especially when we have ready, willing and able buyers that want to purchase these properties?
We bring our buyers to these houses listed for short sale. Some have been on the market for three, six, nine months and even a year or more.
The short sale lender is presented with a realistic offer, somewhere near current market value, and our buyers wait a month, two months, sometimes even six or eight months… to decide if they are going to agree to a short sale. And, if they do, will they accept our buyer’s offer?
And, after waiting, the approval from the short sale lender tells us that the buyer must close in three weeks.
WHAT? Three weeks? You’ve got to be kidding!
My buyer is getting an FHA bond money loan. Right now, lenders are telling us they need 45 days, at the very least, to close on these types of loans.
The short sale negotiator knows it’s an FHA bond loan.
The info is conveyed to the short sale lender that the lender needs 45 days.
The answer is NO. The short sale lender says they’ll give us 30 days and tells us the contract will be null and void after 30 days.
The short sale lender wants to play hard ball. Unfortunately, trying to strong arm a buyer’s lender into a quicker closing isn’t going to get a big bank to move any faster.
The house has been on the market for months. The price has been reduced. This is the first offer they have received. My buyer waited for months for a response from the short sale lender on his offer. And, the short sale lender says they have to close in 30 days (there is no upcoming foreclosure date scheduled).
Come on short sale negotiators, let’s be realistic!
I specialize in Brevard County Real Estate – Residential, Investment & Relocations.
We have a team of professionals to facilitate your Short Sale.
I also buy, sell, rent, own and manage Melbourne Real Estate & Investment Property.