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Answers (4)
- Lawrie Lawrence, "LAWRIE LAWRENCE"
- Contributions:412
Just make sure you go and get the best short sale training possible.
They can be a nightmare at times, especially when the note is held with the larger banks..
They can be a nightmare at times, especially when the note is held with the larger banks..
- Wendy Boulden-Heffernan, "bouldenw"
- Contributions:26
I have worked several short sales (mostly on the listing side). Some have taken over 9 months, but others have been approved and closed within 3 months. The key is for all parties involved to be aware that this is a slow process and much different than a "traditional sale", where bank doesn't have to be involved for approval. For the most part, bank has not required seller to bring money to close, but the last one I worked, the bank DID require seller to bring 3K to closing to get the deal done.
- Dave Tracy, "David Tracy"
- Contributions:41
I sold a short sale home for about $35,000 less then was owed. The seller had verbally agreed to settle that they would pay back $6000. So the house closed and two months later the bank called and said they want the seller to start paying back the $35,000 they owe. There is nothing in WRITING!!
- Sandy Blanton, "TeamSandyBlanton"
- Contributions:1375
Oh boy do we have some stories to share! BUT I'll share a great recent one. We pre-negotiated a small sale with Wells Fargo on a small home here in Pensacola, FL. The home sold for only $19,900... However, we negotiated a commission of $4,000 and closed in about a month. Easy sale and relatively great commission!
Anyone care to share some Short Sale experiences, good or bad?
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- 5.0/5.0
- (3 reviews)
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