Why do they do it? It seems every short sale I am involved with (as buyer's or seller's agent) it is the same old story.
You receive an approval notification from the lender giving you an abbreviated closing deadline. Typically something to the effect "this approval is only good if closing held before XXX date."
And when these approvals arrive all parties need to be prepared to act quickly.
If there is a mortgage involved then the closing date could put some addedl pressure on the process. It is critical buyers choose a lender who understands the short sale process. (This means more than knowing the definition of a short sale.)
Inspections, possible repairs, appraisals, surveys, obtaining insurance...all components of a "normal" real estate transaction.
However, in a short sale, the time to act may be a little shorter. It is the same old lesson…buy a short sale you have less control.
If a short sale is in your future, be prepared to wait and then sprint to the finish line!
Considering selling a short sale? Give me a call to discuss the process and how I can help.
Get your answers from credible sources not what you hear from others. Read these Five Common Short Sale Myths.