Short Sale Failure

The Washington Post reveals why most Short Sales Fail.

1. Lack of Short Sale Package – Includes Hardship Letter
2. Multiple Banks holding Loans on the Property
3. Home Owner is still paying on the Mortgage – If the banks are receiving payments from mortgage holder they will not short sale a property.
4. Foreclosure happens before short sale is finalized.  It takes at least 6 weeks for a short sale.
5. Wrong Listing Agent

Quote:  “The listing agent has experience completing short sales and responds to your inquiries. “To make a deal happen, you need a listing agent pounding on the table with the bank,” Kelman said.”

Full Story

http://www.washingtonpost.com/wp-dyn/content/article/2008/06/14/AR2008061400058.html

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