Mar 3, 2009

Tip 6-2009: Interest Rate Lock

SHORT SALES - Interest Rate Lock:

As mentioned in a previous Tucker’s Tip, short sales take a long time to be approved by the short sale lender. In representing a buyer of a short sale property, avoid locking in the interest rate until you are certain of the closing date. Most locks are for 30 to 60 days, which is usually not enough time to obtain an approval of the short sale. Continuously remind the buyer to be patient and find a good lender who can work with you during the inevitable delays caused by the short sale.

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