Are Short Sales Worth The Work

[Karen Tindall]

Just wanted to get some opinions and hear some stories

[Gail Henry]

I got burned on a short sale with a great buyer. The seller's agent didn't reveal it was a short sale until long after negotiating and accepting my client's offer. I know it is not a material condition of the house, but 4 days before closing she discloses to me that it is a short sale and the bank won't accept the offer. We went round and round with the bank for 3+ weeks. Finally we walked away, and my clients lost their great interest rate. The house is still for sale and over priced.

I would think twice about bringing a great client into a short sale situation unless the deal was too good to pass by. Not for those needing to move quickly, or with any certainty.

Why do banks seem to foreclose on some people so fast and others seem to hang on for months?
G

[Karen Tindall]

Gail Henry said:

I got badly burned on a short sale with a great buyer. The seller's agent didn't reveal it was a short sale until after negotiating and accepting my client's offer. Then 4 days before closing tells me that it is a short sale and the bank won't accept the offer. We went round and round with the bank for 3+ weeks. Finally we walked away, and my clients lost their great rate.

I would think twice about bringing a great client into a short sale situation unless the deal was too good to pass by.

[Karen Tindall]

I had a short sale listing that had 3 great offers. The first the buyers were willing to wait and they did for 4 weeks with nothing but the run around from the bank. In the end my clients filed bankruptcy. I am finding more and more horror stories involving short sales.