Most short sale Purchasers think they understand what they are getting into when they sign a short sale contract. They are carefully informed by their realtor what to expect. The VAR Form "Short Sales: Information for Purchasers" also does a great job of outlining all the issues and difficulties with a short sale.
Even with all of this pre-education, the usual Purchaser of a short sale starts off with much more patience than they ultimately really have. In other words, they think they can be patient, but after the many delays and uncertainties, the purchaser ultimately does not have as much patience as they originally believed.
The months of uncertainty while the short sale lender is reviewing the contract and all the financial information provided take its toll. Then, when the short sale lender counter offers (even with a full price offer) or requests ridiculous addendums, the Purchaser snaps and says, "I cannot take it any longer!"
The best advice for the Purchaser is to be really PATIENT. And the best advice for the short sale negotiator is to keep the Purchaser informed. In our experience, the more informed the Purchaser, the more patient the Purchaser. And a more patient Purchaser means a more successful purchase.
The short sale approval will not happen quickly. Do not expect the short sale lender to use common sense. Nothing is logical with a short sale. Ultimately, the short sale will be successful as long as the Purchaser is informed and really patient. The lender really does not want to foreclose, so hang in there!
P.S. Our success rate for short sales in 2012 was 88%.
Contact me at 434-951-0858 or Tucker@TGBLaw.com if you have questions.
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