Buyer Short Sale Expectations – Action Realty Now

Buyer Short Sale Expectations

Lien holders and lenders are not obligated to approve a short sale and may impose additional requirements on the consideration of a short sale. Should the lender require a modification of the terms of the Purchase Agreement, neither the buyer nor seller are required to accept such modified terms.
There is no guarantee that foreclosure will not occur while the seller pursues approval of a short sale from their lender(s).
Buyers may be required by seller’s lien holder to provide evidence of financing pre-approval, approval, or sufficient funds to close the short sale transaction.
Some lenders may require that the buyer provide personal information (Date of Birth, last 4 digits of SS#) to prevent fraud.
There is no guarantee that foreclosure will not occur while the seller pursues approval of a short sale from their lender(s).
A property sold as a short sale is sold “as is”.
The seller’s lender may or may not approve the seller paying concessions to the buyer. When approved, the maximum concessions allowable are typically 1-3%.
Short sale transactions are lengthier transactions than a traditional real estate transaction. The seller’s lender may have a lengthy process to approve the short sale, and if more than one lender must approve the short sale, the time period for full approval may be extended. Lenders typically take 60 days to approve a short sale on average; however time-frames could be as lengthy as 120+ days.
Lenders that approve short sale transactions do not guarantee extensions of the approval, therefore it is essential that buyers realize “time is of the essence” when obtaining financing or closing the short sale transaction once approval is issued by the seller’s lender(s).

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