Well, here’s quite simply one of the best, most-detailed blog entries I’ve ever read.
This guy should send this to a newspaper to be published.
If you are considering buying a property that is a “short-sale”, or you are a seller facing this situation, or you are a real estate agent wanting to know everything about it, read on.
I had a listing close escrow on Thursday … I took the listing in February of this year. The Sellers had previously listed it with another agent for $475,000. After receiving no interest in the property, the Sellers dismissed their first agent and then came to me. After discussing the asking price with me, my clients decided to go with $449,900 …
… [O]ne Sunday afternoon in late April, I received a call from a guy who had seen my For Sale sign in the property’s front yard … Negotiations between the Buyer and Seller went through three rounds of counter offers before both parties finally agreed on a sales price of $382,500. On May 4th we opened escrow with a 30-day close.
… A few days after signing the acceptance the Sellers informed me that there was”no way” they were going to be able to make up the difference between what was owed on their mortgages and what the sales price was. I asked them how much they thought they would be short and they replied, “All of it.”
Surprisingly, things took a turn for the better, after that. After much effort on the part of the seller’s agent, the deal closed.
Source: My First Short Sale – By Guy Johnson, Reno Realty Blog
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