Your client's short sale is cruising right along:
- Offer in? Check!
- Escrow Opened & EM deposited? Check!
- Seller paperwork in? Check!
- Buyer (likely the 2nd or 3rd one) on board? Check!
- BPOs done? Check!
- Letter Of Approval terms met? Check!

BUT THE SALE DATE IS JUST THREE DAYS AWAY......YOU NEED MORE TIME!!!!

- Phone call placed to bank's Short Sale dept.? (as Buyer's Agent and Seller and blowing up your phone & email!) Check!
- 1st Sale Date postponement of 30-45 days granted? Check! (- sigh - Close one!!)

- BUYER FALLS OUT -

- "Rinse and Repeat" above? Check!
- 2nd Sale Date postponement of 15-30 days granted? Check! (- fingernails gnawed off - Too close for comfort!)
- Loan doc conditions still not cleared by Buyer, need more time? Check!

3rd Sale Date postponement??? FORGET IT!!

In dealing on a daily basis with a majority of the major banks, there is just one clear message being sent out: "2011 will be the year you'll be LUCKY to get a 2nd Sale Date postponement, and a 1st won't just be a given!"
So, if you want to avoid waisting your time and money chasing short sales that aren't going to close, be sure to ask the "right questions" of both the Seller's or Seller's agent, as well as the Buyer's agent, and you'll BE PREPARED to close BEFORE the auction sale date.

ANY information I have posted on the web and elsewhere is provided solely for educational and informational purposes ONLY, and does not constitute legal or tax advice. If you do require legal or tax advice, I encourage you to consult an attorney or a CPA.

DW Small - Designated Broker - 480.239.2300 eMail DW right now

Copyright © 2010. AZ Wide Realty, LLC - Scottsdale, AZ