More On Short Sales

Last week's educational semiar on foreclosures and short sales was very informative. Probably the most important thing I learned about these distressed sales is that there is very little that buyers and agents can count on. No two transactions are handled the same by the lender. Compound that with the fact that there are numerous lenders and local Realtors are beginning to understand that flexibility on our part and the part of our buyers is crucial to any successful sale. My most recent example of the necessity of flexibility is a contract on a short sale in Corolla. The seller signed the contract almost three weeks ago. This one had been under contract with another buyer before so I thought that we would be able to get a quick response from the bank. We are still waiting for approval from the bank's negotiator and then it still has to go through the approval process with a board of bank officials! Flexibility is the key to a successful short sale.