In our Bradenton, Florida real estate market we find that not all short sales are approved by the lender. However, this is true in any real estate market. So, no, not all short sales are approved.
Keep in mind, the lender has two goals: (1) to NOT take back the home in foreclosure; (2) to limit their loses. They will negotiate to get as much money as possible from the new buyer. Sometimes those negotiations break down
It is often necessary to remind the loss mitigator that the goal is to sell the home and avoid foreclosure. For this reason your REALTOR® should be a skilled negotiator.
The short sale process is an attempt to stop foreclosure. While the home is on the market the lender will continue down the foreclosure path, while we go down the short sale path. Our goal is to complete the short sale before the lender forecloses.
(Copyright © 2007 By Dan Forbes, All Rights Reserved.)
