I had posted recently about an ongoing short sale purchase attempt. I noted that the listing price had been increased after our first offer attempt. Well, magically, the first lienholder sent back an approval for a previous offer (not my clients), at the original lower listing price. That buyer has since moved on. However, we used this as leverage to renegotiate our offer to a lower price (we had to throw in some extra for the 2nd lienholder).
We have received acceptance from the 1st lienholder at the lower price. The listing agent says they have verbal approval from the 2nd lienholder and are now waiting for the seller to sign off paperwork to get written approval (this has been going on for the last 2 weeks).
Confusing? Yes, and frustrating too. We are about 3 months into this. My formerly patient buyer is losing patience and has been searching for another home.
If you really want to consider a short sale purchase, you have to have the mindset that it’s a gamble, with a high probability that your “accepted” offer won’t lead to a closed sale.
Copyright © 2008 Rod Rebello
www.TempeAgentNews.com
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