 |
| |
 |
| |
 |
| |
 |
| |
 |
The information you obtain at this site is not, nor is it intended to be, legal advice.
You should consult an attorney for advice regarding your individual situation.
Contacting an attorney does not create an attorney-client relationship. Do not send,
e-mail, or provide confidential information or information you do not wish to be
publicly disseminated until such time as an attorney-client relationship has been
established and requested to do so by an attorney.
Copyright 2009 Law Office of Craig W. Little, P.A. All rights reserved. You may
reproduce portions of this site or materials available at this site for personal and
non-commercial use. All copies of portions of this site or materials available at this
site must include this copyright statement.
You should consult an attorney for advice regarding your individual situation.
Contacting an attorney does not create an attorney-client relationship. Do not send,
e-mail, or provide confidential information or information you do not wish to be
publicly disseminated until such time as an attorney-client relationship has been
established and requested to do so by an attorney.
Copyright 2009 Law Office of Craig W. Little, P.A. All rights reserved. You may
reproduce portions of this site or materials available at this site for personal and
non-commercial use. All copies of portions of this site or materials available at this
site must include this copyright statement.
Web Articles
Analysis of Short Sales of
Residential or Commercial Property
Seller's Considerations
Approved Short Sales that Do Not Close
Of course, the most frustrating thing for a short sale seller is
when the approval of the lender has finally been obtained and
the seller looks forward to being relieved of the burden but then
the buyer does not close on the short sale. This can occur for
numerous reasons such as the process to secure the lender’s
approval took too long, the buyer’s inspections reveal repairs
that were not originally factored into the offer, the buyer’s
financing can not be finalized, or the buyer’s appraisal is not
sufficient to support the purchase price or the new loan that was
to finance the purchase.
If a lender approves a short sale but the buyer does not close
then the property continues to be listed and advertised, but it is
now advertised as an “approved short sale.” An approved short
sale property and seller have the advantage of already having
been approved by the lender once for a short sale.
Unfortunately, any new offers to purchase the previously
approve short sale property will most likely be subject to a
complete, new review by the lender. Even if the lender receives
a new offer that matches the previously approved sale terms,
the lender will probably still undertake a complete review of the
offer, though this process may be somewhat accelerated.
Return to Seller's Short Sale Considerations
Residential or Commercial Property
Seller's Considerations
Approved Short Sales that Do Not Close
Of course, the most frustrating thing for a short sale seller is
when the approval of the lender has finally been obtained and
the seller looks forward to being relieved of the burden but then
the buyer does not close on the short sale. This can occur for
numerous reasons such as the process to secure the lender’s
approval took too long, the buyer’s inspections reveal repairs
that were not originally factored into the offer, the buyer’s
financing can not be finalized, or the buyer’s appraisal is not
sufficient to support the purchase price or the new loan that was
to finance the purchase.
If a lender approves a short sale but the buyer does not close
then the property continues to be listed and advertised, but it is
now advertised as an “approved short sale.” An approved short
sale property and seller have the advantage of already having
been approved by the lender once for a short sale.
Unfortunately, any new offers to purchase the previously
approve short sale property will most likely be subject to a
complete, new review by the lender. Even if the lender receives
a new offer that matches the previously approved sale terms,
the lender will probably still undertake a complete review of the
offer, though this process may be somewhat accelerated.
Return to Seller's Short Sale Considerations
Law Office of
Craig W. Little, P.A.