Short Sale CASE STUDY: 016

Back On The Market

As with so many short sales we handle, the first position buyer has decided that this is not the property for him.

When I first decided to use this short sale as a case study I was a little disappointed that it turned out to be an FHA short sale because I wanted this to represent what the average short sale looked liked.

I am pleased (or un-pleased) to say that this latest turn of events has really started to make this short sale look very typical.

Just Another Delay

If you are going to process short sales you ned to be prepared for unexpected delays.  With this case study we have experienced a few along the way.

We hit our first bump in the road when I found out the existing loan was an FHA loan which caused us to need to get the Approval To Participate in a short sale.

Later, I screwed up a form and caused a week-long delay trying to get it fixed.

All is not lost

We don’t have to go back to the beginning on this.  We still have the approval to participate. We get to keep the same negotiator with the bank and as soon as we have a new offer we will submit everything to him for review again.

The market has changed a bit and we are already getting a lot of interest in the home now that it is back as an active property for sale.  The listing agent has a few builders in her pocket as well that might be interested in the home because of its unique architecture.

I have notified the banks closing department that the buyer has walked away from the sale and they have refered the file back to the negotiator.  As soon as a new offer comes in they were ready to go.

Until then…

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