#4 Short Sale Seller Myth: Once Approved For A Short Sale, Your Worries Of Slipping Into Foreclosure Are Over

As we’ve discussed in previous myths, you must keep in mind that the bank is always in control and always doing what is in its own best interest. Even though the bank has indicated it is willing to approve your short sale and allow your agent to put the listing on the market, they can always reverse the right to retract the offer and begin the foreclosure process. This can be a very frustrating experience for sellers looking to avoid the unpleasant foreclosure process.

Rarely will this happen once your short sale is approved, but it’s important to know that it can. Banks don’t like going through the foreclosure process any more than homeowners do, but they will do what they must in order to do what they think will be best for their bottom-line. So if your listing stays on the market for a really long time, or the bank begins to feel the short sale listing price is too high to sell in the current market, they may choose to pursue foreclosure of the property.

Again, it’s vital to know what you are getting into when selling your property via short sale. Make sure you read the paperwork thoroughly and look out for any deadlines or loopholes that might be included in the contracts, and don’t be afraid to speak with a real estate agent and lender in order to better understand the playing field when it comes to short sales and foreclosures.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s


%d bloggers like this: