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Forums » Short Sales » Short Sale Approved with a specific buyer!

Short Sale Approved with a specific buyer! Subscribe to Short Sale Approved with a specific buyer!

3 posts by 3 users

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Karim Almandos

Residential Real Estate Agent · corona, California


Forum_avatar_avatar-monster

Icon_minipost Sep 22 '09, 01:24 PM

Which bank approves the SS with a specific buyer? I have a problem with BofA approving the short sale with a specific buyer, found out later the buyer walked-away, then they need to start all over again with a new one.

Edited: 06/26/2010 at 09:48AM


Nick J.

SFR Investor · Scottsdale, Arizona


Forum_avatar_avatar-motiv8td

Icon_minipost Sep 22 '09, 01:29 PM

welcome to short sales.

If you were 'assuming' that short sales can be 'assigned' then you were mistaken. The buyer they specify which is the buyer making the offer that they accept must close on it and this is always stated in the approval letter.

If you're looking for a SS buyer, hit me up ;)

Edited: 06/26/2010 at 09:48AM


Scott Hubbard

Rehabber · Tucson, Arizona


Forum_avatar_avatar-bokman

Icon_minipost Sep 22 '09, 02:14 PM

Originally posted by Karim Almandos
Which bank approves the SS with a specific buyer? I have a problem with BofA approving the short sale with a specific buyer, found out later the buyer walked-away, then they need to start all over again with a new one.


You can contact the negotiator who sent you the approval letter and tell them your buyer walked and you need to change the approval letter to reflect a new buyer and close date.

Of course you will need a new offer to do this. Also, if it has been more than 30 days past the original approval letter's close date, you may have to resubmit a new package.

In the future, need to keep in constant contact with the buyer's agent to make sure their client is on board. Make sure your updating them once a week. Buyer's have short attentions spans and with the 8K credit expiring, you can't be too surprised.

Edited: 06/26/2010 at 09:48AM by Scott Hubbard


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