Hi folks. Today I want to put a different spin on Short Sales and third party approval. I’ve read a lot of posts and comments about the dreaded 3rd party approval and how frustrating it is for Buyers and Buyer’s agents.
My thought on this is………it’s about time!!! As a listing Broker, my Sellers and I, have spent a lot of time waiting for Buyers to get their mortgage approval. Some took 30 days and some took 90 days. Some didn’t close at all.
When negotiating offers we relied on information provided to us from the Buyer’s Lender stating they were “pre-approved” or “pre-qualified” only to find out a month later that it was all a lie. They were just writing deals and hoping to get them through.
Doesn’t this all sound familiar to Short Sales? Of course it does. The Buyer’s Lender approving their financing IS 3rd party approval. That contingency is NO different than having the Seller’s Lender remove the 3rd party approval in a Short Sale transaction.
In fact, as a Listing Broker, I much prefer the Short Sale and the Seller’s 3rd party approval. It keeps me in control of the transaction.
Things have not changed that much. It’s just that now the “3rd party approval” contingency is on the other side of the contract. Deal with it!!
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