As anyone who handles short sales understands, there are many instances where a short sale gets approved, but for some reason the Buyer is unwilling or unable to close. Due to the volume of short sales that Berlin-Patten handles, we see this situation quite frequently. Recognizing that a great deal of the legwork to get the short sale approved has often times already been done, we wanted to see if we could better assist our clients and their listing agents in their efforts to sell their homes prior to foreclosure. The most obvious way we felt we could help our clients and referral sources, we concluded, was to find a way to assist them in securing a replacement Buyer as quickly as possible and proceed to close with the replacement Buyer.
As such, effective next week, when Berlin-Patten obtains a short sale approval, and the Buyer is unwilling or unable to close for some reason, Berlin-Patten will offer the seller and seller’s agent the option to immediately publish to our extensive database of real estate professionals the pertinent terms of the previously approved short sale, such as approved price, lender timeframes, and buyer restrictions. This will only be done with the Seller’s and listing agent’s written approval, and we will only publish this information once a week.
It is our hope that in providing this weekly service to our clients and referral sources, we can also offer anyone on our distribution list the opportunity to not only get relevant legal information through our blog entries, but now also offer them the opportunity to get the most recent information available on previously approved short sales that our firm has handled.
A word of caution! A previously approved short sale is NOT a preapproved short sale, and in some cases, the lender’s will nevertheless require the process to begin anew. However, with a previously approved short sale, some lenders will not require the process to begin completely anew (or will offer a more streamlined approval process), but more importantly, the parties will have the benefit of knowing what the lender is likely to accept the second time around, thus maximizing the chances of a successful closing prior to foreclosure.