Do You Think Short Sale Transactions Are Easy to Close?

THINK AGAIN! Every lender that I have dealt with has their own way of determining value…BPO, appraisal, etc. Evaluate the hardship of the homeowner to see if they meet “Modification” guidelines, that seem to be all over the board. Then gather all the bank accounts, payroll subs, tax returns (and P&L for self employed)…and keep them current within 30 days. Then everyone has to wait on the lender to review and respond…and that may take a week to a month before moving to the next step and maybe get the home sold and closed within 60 days! I’d like to hear from others that have completed a Short Sale process and what type of conditions surrounded the closing!