Short sale addendums for both buyers and sellers are so important. Most people review them initially, but when things go south, most buyers/sellers seem shocked.
Sellers can’t believe it when the bank or investor denies a short sale. But from the first day they elected NOT to make a payment, the foreclosure process begins, and unless payments are made current, the bank does retain the right to foreclose after the prescribed default period ends.
Buyers have a tough time understanding why we can’t control a seller who suddenly decides on a loan mod or a bankruptcy instead, or why the bank doesn’t accept their offer.
Here are my 2 strategies to help you cope with this lengthy process:
1. Every Friday is already “Foreclosure Friday”, when I consistently followup with all banks for listings and all offers for buyers. When I report back to you, I am also going to briefly re-review the highlights of the short sale addendum.
2. I will remind you of what we CAN control during the transaction, and what we CAN’T control during the transaction. At least this way you’ll know what can happen, and what to expect.
Most experts agree that 2010 will be the year of the short sale. And most will close successfully. Please call me with all your short sale and foreclosure questions. I’m here to help you!
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