When I represent a Buyer who is considering a short sale, I ask the listing agent at least these 4 things:
1. How many mortgages?
2. Which bank(s)?
3. Who is negotiating it?
4. Is the Seller cooperating with the paperwork?
Thanks, Jill Thomas
If you know what you are doing in processing short sales, and you are consistent at preparing the package, submitting and following up systematically, you can get short sale approvals rather quickly.
I know about this because I see it every day. By the way, look into the HAFA short sale program: http://www.priorityshortsales.com/portfolio_2/how-the-hafa-p
I typically get short sale approvals between in around 30 -45 days from package submission and often much quicker. However, I am a full time short sale processor, negotiator and because I am specialized and I am in constant contact with the lender, I tend to get much quicker short sale approvals.
Here are some tips on how to get quick short sale approvals: http://www.priorityshortsales.com/portfolio_2/articles-of-interest
In addition, south Florida short sales are getting some help from Wachovia Bank, according to several local agents to whom I have spoken.
Marc Jablon, The Jablon Team
RE/MAX of Orange Beach, AL
Lic. Alabama & Florida
If not qualifying for HAFA then a lot can go wrong, i.e. the seller doesn't have a true hardship and is required to sign a promissory note to repay a significant amount of money.
If it isn't owner occupied then the seller may refuse to do a short sale once they learn the loss forgiveness will be reported via 1099 to the IRS as Ordinary Income. That seller may then work out a loan mod and rent it out.
The list goes on and on...
Good luck and remember you cannot rely on a short sale ever closing at the price you offered so you need to continue to search for properties up until you get an approval letter listing you as buyer at the price you're willing to pay.
All the best,