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Does a Wellington Short Sale Seller have a Say?

Does a Wellington Short Sale Seller have a Say?

While a Wellington short sale seller needs approval from their lienholder(s) in order to sell their home they still have a say in the process.  Not only can a short sale seller turn down a buyers offer, they can also turn down their lienholders short sale approval terms.

Wellington Short Sale Sellers DecisionLast week I was notified by a short sale listing agent that he finally received written short sale approval from BOTH lienholders.  However after reviewing the written approvals the short sale seller did not agree to the short sale approval terms set forth.

While some buyers are under the impression that short sales are guaranteed, they are not.  The short sale lienholder(s) may not approve a short sale and then there is always the possibility of the short sale being approved, but the short sale seller not agreeing to the short sale approval terms.


If you are interested in buying a short sale or selling your home as a short sale contact us today for all your Wellington short sale real estate needs.

Originally posted at
http://wellingtonhometeam.com/does-a-wellington-short-sale-seller-have-a-say/

 

Michelle Gibson REALTOR®
HANSEN REAL ESTATE GROUP INC.
561.333.0446


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Comment balloon 10 commentsMichelle Gibson • June 29 2011 12:04PM

Comments

HI Michelle - the seller actually does have to agree to the terms. This is a great post, and I have had a similar situation with a seller not agreeing to the lien holder's terms.

Posted by Sharon Paxson, Newport Beach Real Estate (Compass) over 7 years ago

There are still a lot of misconceptions out there Michelle.  It's up to us to get the truth out.  Good post.

Posted by Jim Patton, Realtor - Stanislaus & Merced county Realtor. (Century 21 M&M - 209-404-0816) over 7 years ago

Michelle

The seller can walk away from a short sale and just let it foreclosure.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) over 7 years ago

I think short sales should be be called "short sales at the whim of the lender".  There is a third person involved and until everyone agrees there is no deal.

Posted by Jane Peters, Connecting you to the L.A. real estate market (Home Jane Realty) over 7 years ago

I'm hitting the suggest feature for this, and not just because of your hair, Michelle. Sellers do not know they have the right to approve the terms in the short sale letter. And buyers of these short sales often don't know that the sellers could reject the terms. It's too bad your listing agent wasn't willing to go back and fight with the lender for his sellers. I've had great success in getting those "terms" removed.

Posted by Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents, Put 40 years of experience to work for you (Lyon Real Estate) over 7 years ago

Sharon - It does happen and it's something buyers need to be aware of before they head down the short sale path.  

Jim - Yes it is, education is key

Lou - Yes they can, but I hope they will try doing a short sale first

Jane - Exactly

Elizabeth - Knock on wood this deal was ironed out shortly have I wrote this.

 

Posted by Michelle Gibson, REALTOR (Hansen Real Estate Group Inc. ) over 7 years ago

Short sales are so sticky with so many variables that it is impossible to tell whether one will go (even with approval) or not!

Posted by Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix) over 7 years ago

Renee - Sooooo many variables.

Posted by Michelle Gibson, REALTOR (Hansen Real Estate Group Inc. ) over 7 years ago

Well, I guess that if the seller is not happy with the terms you can return to the bank and ask for changes to the letters. I've dne that a few times recently.

Posted by Melissa Zavala, Broker, Escondido Real Estate, San Diego County (Broadpoint Properties) over 7 years ago

Melissa - You are absolutely right and the listing agent in this situation did do that.

Posted by Michelle Gibson, REALTOR (Hansen Real Estate Group Inc. ) over 7 years ago

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