Short Sales ~ It ain’t over till it’s over.

Short sales in ArizonaShort sales are an exercise in patience to be sure and everyone rejoices when the seller finally receive the agreement letters from the leinholder(s). Buyers almost always think that means they are going to close.  Not so fast.

Once we get an acceptance from the leinholders, it is my company’s policy that every short sale seller have an attorney review the agreement letters received from their leinholders to ensure that the seller is fully aware of how proceeding under the terms of the agreement will affect their financial future.

Some agreement letters release the seller from any further financial implication.  Some letters contain verbiage that indicate the seller may be financially responsible for losses at some point in the future.

This is when the proverbial “sheet hit the fan” with a recent short sale transaction.

As my sellers were having their agreement letters reviewed by their attorney, the buyer’s agent sent me a nice little email indicating my sellers would be in breach of contract should they decide NOT to proceed with the short sale regardless of what their attorney advised.

This agent’s contention was that the seller should have been educated by their agent (that would be me) as to the ramifications of a short sale and that if I didn’t “make” them proceed we should be prepared to face litigation for breach of contract.

Seriously??

I explained to this agent that short sale sellers are within their legal rights to obtain legal counsel and that even though they are aware of the consequences of a short sale when they list their home, there is no way to determine the impact of the short sale on their future until they receive the terms of the short sale agreement from their leinholders.

Saying a short sale seller HAS to sell regardless of how the terms of the agreement will impact them is a little like saying you have to have that kidney removed before the test results are in.

So…those agreement letters are certainly a sign that you’re getting close to the finish line on a short sale but EVERYONE should understand (especially real estate agents) …you can’t really do the happy dance because~

…it ain’t over till it’s over.

About The Amy Jones Group

Mindy Jones Nevarez is the owner of Amy Jones Group Keller Williams Integrity First. The Amy Jones Real Estate Group has been recognized as the #1 Real Estate Team in Chandler by the Phoenix Business Journal and voted Best of Our Valley for 4 years.

The Amy Jones Group specializes in real estate in Chandler, Sun Lakes, Gilbert, Mesa, Tempe, Ahwatukee, and Phoenix.