Comments on: Short Sales Sell But Often Don’t Close: Why?

By: Mary Pope-Handy

Mary Pope-Handy — Wed, 10 Feb 2010 15:14:18 +0000

Kate – thanks! No I haven’t heard of that book or program but it sounds like a good system. I’ll look out for it.

Bella – thank you, and best of luck to you! I’m not sure where you are purchasing your home, but in CA if the Short Sale Addendum was used, the seller has the right to not take the bank’s terms. That’s because sometimes the bank asks for the seller to pay a promissory note or cash to close, and in some cases the seller is truly better off going through foreclosure (since in CA the bank cannot come after a deficiency in many cases if it goes to foreclosure). I’m guessing that this is what’s happening with your sale, although it could be other things too, of course. In any event, best of luck to you!!

By: Bella

Bella — Tue, 09 Feb 2010 19:30:31 +0000

Great Article. I am a buyer on a short sale. Loan documents are signed and closing is suppose to be this coming Friday, however, now the seller has said she is not selling and refuses to sign a cancellation of contract! Trustee sale date is in 2 weeks…what a nightmare!

By: Kate

Kate — Fri, 22 Jan 2010 07:13:04 +0000

Mary, I am so glad I landed on your site. I am looking forward to the day I own my first home and while some friends have mentioned looking for a short sale, I didn't understand it so I shied away from it. With your tips, I now feel like I could go that route, knowing it may not fly. I've just run across the Real Smart Investor program and N. Xavier Arnold's new book about Real Estate Investing; he says the same thing as you about patience and the long term. Have you heard of the book? It's a blueprint for successful investing. Kate

By: Mary Pope-Handy

Mary Pope-Handy — Mon, 04 Jan 2010 03:55:05 +0000

Thanks Kristal! You’re right, most of the time buyers don’t understand what they are getting into. (And sometimes their agents don’t, either!)

By: Kristal Kraft

Kristal Kraft — Sun, 03 Jan 2010 05:39:16 +0000

This is an excellent resource for those considering both being and purchasing a short sale. So many buyers get involved without understanding the almost infinite issues that can change and often do.

By: Mary Pope-Handy

Mary Pope-Handy — Thu, 10 Dec 2009 06:41:01 +0000

Thanks Martha. You just never know. This year I’ve been in three of them and only one closed. I’m hoping you’ll be fortunate!

By: Martha

Martha — Fri, 04 Dec 2009 04:54:12 +0000

Well written Mary and very informative!! I wish I had seen this before my buyers got into the short sale we are now involved in!! Nonetheless I am now better prepared for the next one thanks to this article. Thank You!!