The road to short sale approval has many twists and turns, and patience is the key.
While buying a home via a short sale can be quite a bargain, for a short sale to ultimately be successful, it is necessary to have the right buyer, and those who have tight deadlines may not be a good fit for a short sale. It is imperative from the start to inform a buyer of the time that it may take to move a short sale to closing, because if a buyer is uninformed, it can become quite frustrating to wait. It can feel like taking one step forward and two steps back at times during the approval process.
Every lender has a different policy for handling short sales; some have the process down to a science with quick turnarounds, while others are much slower. Ask twenty people who have participated in some way with a short sale about their experience, and you’ll get twenty different answers. The bottom line is making a buyer aware of the process so that they understand that a 30-day turnaround is likely not going to be the case with a short sale.
Benjamin L. Dash, of Dash Farrow, LLP, is an attorney whose practice focuses on commercial and residential real estate transactions, with a heavy emphasis on short sales and foreclosures, and litigation in the areas of real estate, banking, mortgages, consumer fraud, and business transactions. When you need experienced, focused, and responsive legal help, call Dash Farrow, LLP at 856-235-8300 or contact us online at www.dashfarrowlaw.com. We serve individuals and businesses throughout Burlington and Camden County and all of South Jersey.
