Let’s say you are short selling your home; you are underwater on your mortgage and the payments have become next to impossible to make. You have a documented hardship, you’ve hired a qualified short sale agent who may even employ a short sale negotiation team. You’ve gotten your home listed, gotten a contract, and now you are just waiting for the bank to approve the sale.
At some point during the negotiations, however, the buyer gets cold feet. Maybe the bank countered at a number higher than they were willing to pay; maybe their agent didn’t properly prepare them for how long the process was going to take; whatever the reason, the buyer decides not to continue with the contract.
You think to yourself: oh, no! My buyer walked! Is it time to panic?
Short Answer: NO! It is perfectly common to lose one or more buyers during the short sale process. This does not mean your short sale is less likely to get completed. In fact, losing a buyer is normal and can even be helpful to justifying the price to a bank when the next buyer comes along.
Navigating a short sale without an experienced Real Estate Agent can be a scary and trying process. We recommend working with a Short Sale Agent who knows all the ins and outs of selling your home at a short sale. Rob and his team have worked with over 300 short sale clients in the past 10 years. For more information or to speak to him about your situation, you can reach him at 703-587-0995.