National Short Sale Center

Negotiated a 2nd lien owed $63,000 to $2,000

Negotiated a 2nd lien owed $212,000 to $5,000

Over 10 sale date postponements per month

Negotiated a 1st lien owed $107,000 to $71,000

Successfully negotiated the complete removal of an IRS lien for approximately $25,000

Short sales: Tips for buyers
Article published 04.26.09
South Florida Sun-Sentinel

Short sales: Tips for buyers

April 26, 2009

Be patient. It takes time for the seller's lender to review the buyer's offer. While many lenders are moving faster, eight to 12 weeks is not unrealistic.

Be pre-qualified for a mortgage or pay cash. Many buyers have their financing fall through in the final hour, wasting everybody's time.

Be prepared. Ensure that a qualified real estate agent or attorney is negotiating your offer on behalf of the seller. Many agents say they have the experience to negotiate the short sale, but they actually have a poor track record. Ask the agents how many short sales they've handled and how many they've closed.

Be responsive. Respond to e-mails and phone calls from your real estate agent.

Source: National Short Sale Center

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