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The Biggest Mistake Buyers Make When Buying A Short Sale

Northeast OH – We get all sorts of questions from buyers trying to purchase short sales. “We made an offer on a short sale almost 2 months ago. We haven’t heard anything back from the bank. Why won’t they approve my offer?”, they ask us.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

So why do some buyers wait for 2-3 months and never get a response on their short sale offer? Are the banks really that bad?

Here is the answer to those questions. In some cases the reason that short sales are not approved quickly is because of the lender. The lender may just be backed up.

I know that we have waited a week for a call back from the bank. We had a designated short sale negotiator at the bank.

But, they were so overworked and backed up on files that it took them a week to return a call. That’s pathetic, isn’t it?

In other situations, we have seen the banks demand that the sellers agree to a promissory note. If the sellers don’t agree to it, then they won’t approve the short sale. Some of those sellers refused to sign a promissory note.

The short sale was never approved. But, we have seen lenders ask for a promissory note on less than 10% of the short sales we have handled. So, that is rarely the problem.

In most cases the problem is that the agent negotiation the short sale with the lender doesn’t know what they are doing. They aren’t following up with the lender regularly.

They don’t take the short sale process seriously. The lender tells them that they are missing documents and it takes them a week to track them down. You have to push the bank to approve the short sale.

Most agents aren’t trying to keep the process moving along. And the people at the banks are overworked and don’t push the files along easier.

So, if you are buying a short sale, don’t make the mistake of making an offer on just any short sale. Check to make sure that the seller has hired a hard working, experienced short sale agent to help them sell their home. 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 iandymorris@gmail.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 (440) 348-5500

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Northeast OH loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: (440) 348-5500. iandymorris@gmail.com.

View My homes for sale at www.rtserve.com.

Andy Morris specializes in loan modification assistance and short sales in Northeast OH. Northeast OH Modification Help, Northeast OH Short Sales, Northeast OH Short Sale Realtor, Northeast OH Short Sales. Northeast OH Realtor, Northeast OH Stop Foreclosure, Northeast OH Foreclosure Prevention, Prevent Foreclosure Northeast OH, Northeast OH Foreclosure Defense, Northeast OH behind in Payments.

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