Friday, January 30, 2009

Short Sale Pitfalls

In my experience there is no more heart breaking event than having to go through a foreclosure. Yet the hardest part for most folks is getting to that point and once they get there, it doesn't matter any more. Enter the idea of the short sale...

The bank is supposed to take less than owed and help the folks out of their predicament.

The Seller says great and accepts an offer "subject to the bank approval".

The bank thinks a while (2-3 weeks) and says to the Seller "we need more" get us another offer.

That takes a while but sure enough not one but 2 (now a total of 3) offers are in hand.

And the Seller accepts them all "subject to the bank approval".

Who wins? Who Loses?

Read More

Or read the state "REQUIRED" Short Sale Addendum at
When you get to the end of the 3rd page ask yourself "How many times have they told me I am not going to be able to buy this house?"

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