Recently I have been working with three different buyers; they have all elected to purchase a short sale and all currently have an effective contract.
Short sale #1: We received approval from the first mortgage holder, but the second lien holder, after another month, has not given us written approval for the short sale. Buyer #1 informed me today, she is ready to start looking for other homes and to see what her options are.
Short Sale #2, the short sale process is going quickly and once the buyers gave notice to the landlord that they would be moving, the landlord has decided she would like to sell the rental house, now buyers #2 want to make an offer on the rental that they are currently living in, today we received a counter offer from the short sale lender, we now have until 4-18-12 for the buyers to make a decision.
Short Sale #3: Just got a call from buyer #3 that they are interested in another home after being under contract for about 3 weeks…the new property is also a short sale…if they cannot wait on approval for the current short sale, will they be able to wait on approval for the next one? It is doubtful!
We are currently transitioning from one market to another, we have been in a buyers’ market for over 5 years and now it is clearly becoming a sellers’ market. I hope buyers’ understand you can risk losing both properties if you are not careful, please do not second guess your original decision just because you see something new hit
the market; it may not be a better deal than what you have under contract.
Bev Dudley, Realtor
Fleur de Lis Realty
http://www.luxurygulfproperties.com/
Short sale #1: We received approval from the first mortgage holder, but the second lien holder, after another month, has not given us written approval for the short sale. Buyer #1 informed me today, she is ready to start looking for other homes and to see what her options are.
Short Sale #2, the short sale process is going quickly and once the buyers gave notice to the landlord that they would be moving, the landlord has decided she would like to sell the rental house, now buyers #2 want to make an offer on the rental that they are currently living in, today we received a counter offer from the short sale lender, we now have until 4-18-12 for the buyers to make a decision.
Short Sale #3: Just got a call from buyer #3 that they are interested in another home after being under contract for about 3 weeks…the new property is also a short sale…if they cannot wait on approval for the current short sale, will they be able to wait on approval for the next one? It is doubtful!
We are currently transitioning from one market to another, we have been in a buyers’ market for over 5 years and now it is clearly becoming a sellers’ market. I hope buyers’ understand you can risk losing both properties if you are not careful, please do not second guess your original decision just because you see something new hit
the market; it may not be a better deal than what you have under contract.
Bev Dudley, Realtor
Fleur de Lis Realty
http://www.luxurygulfproperties.com/
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