What are the guarantees in a short sale? I can only really think of one – I can guarantee that this thing won’t close in 7 days! Ok, I’ve got two – I guarantee that if you don’t know what you’re doing or don’t hire someone who does then you are in for a long, wild ride!
Other than those there really aren’t any guarantees at all in short sales. A lot of people find this a hard concept to grasp and as dark and foreboding as it may sound it really isn’t all that bad.
There is no guarantee that the property will sell BUT there never is. You could put a house up for sale for one dollar and it doesn’t mean someone is going to buy it. Most of our deals that we sell we have a contract on them within the first 60 days but our market may be different than yours and we market our properties very heavily. Make sure that your property is properly marketed and distributed to as many buyers as possible. Without a buyer there can never be a short sale!
After the initial purchase contract there is no guarantee that the bank will approve the deal. BUT, your short sale negotiator should do everything in their power to keep the deal alive and negotiate as hard as they can to get the deal to close. It’s usually a win-win for everyone involved and sometimes the bank just needs a little nudge and a little confirmation of that fact and you can get the approval that you need.
For More Information:http://www.floridalawattorney.com