I just had a short sale attempt fail. My former 1/1/1 townhouse listing near the East Atlanta Village. We were in agreement for a $65000 purchase.
In a short sale, both the buyer and the seller have to get real about the tenuous elements of their particular short sale.
What do I mean by getting real?
Well, here is a quick explanation via this example:
The seller has now decided to attempt a deed in lieu of foreclosure with their lender and in doing so, the seller got real about his short sale.
He is so real about short sales, that he has decided to just not attempt to complete this particular short sale.
The seller is so real about short sales that he is willing to walk away from the property and let the bank have it, in lieu of attempting the rigorous processes, month after month, to win this short sale.
If I counted up my short sale transactions since 2004, when my first attempt for a Buckhead condo owner resulted in foreclosure after months of work, and I was writing my own short sale stipulations, then I’ll bet that I’m at 50/50 for success vs. failure in 9 years and 30+ attempts.
If a buyer under contract gets livid, and in the case of this particular short sale, the buyer indeed got livid, then the buyer should try to keep his emotions between the lines.
Life is by design, not by default. Short sales are part of your life, when you write a contract on a short sale. And, the contracts are written with realism, aren’t they?
Engaging in a short sale attempt requires up front clarity – matter of fact knowledge that the attempt could fail at any given point.
The reward is a big win for all parties, however if the seller doesn’t see a win, or if the seller’s lender can not make a win happen once every detail is underwritten, then the buyer has no role, and being livid about things that are out of our control is misplaced.
Getting real about short sales is as simple as reading the contract and realizing that a real short sale agreement is super highly contingent, and built upon multiple layers of confidence in many parties performing in a timely, forthright, and diligent manner.
When that doesn’t happen, and when a buyer gets angry about things not going their way, then one of life’s success laws comes into play:
If you want to get real about a short sale, or about any other real estate issue, then please call me at 404-218-4126.