We had a very excited buyer on a short sale in Spring Hill, Hernando County, Florida, but did warn them about "short sales". We were told by the listing agent that if we made the offer, which was cash, and would close by June 1, the bank would accept it. Low and behold, after many requests to see this "bank letter", we never received it and guess what - June 1st came and went and we still have not seen anything. The story has now changed that the bank was going to "consider" it if we made the offer with the 6/1 closing date.

We told our buyers during this period not to expect anything. Every short sale is a "nightmare" as far as I am concerned. It seems that it is a "shot in the dark" for everybody. We now have passed the time, the buyer no longer wants to wait this out, and we have to cancel the deal. That means we have to do a bit of paperwork and track down the poor seller, who now still has a house.

There has to be more conformity when it comes to short sales and the listing agents and/or title companies and third party negotiators need to come to an agreement PRIOR TO all this nonsense. In this instance, there was only communication to hurry us up to sign, do our due diligence, and then when we asked the title company, who supposedly was handling this for updates, he sent me on two occasions, updates on the wrong house. Needless to say, I really never received an update on this house.
I like a challenge but not when it causes considerable pain to everyone. Our buyer is still my customer and we will find something else. I told them the truth about short t sales from the beginning. Make sure you have a Realtor that will tell you the whole scenario and that you are comfortable with.

Have a great day and enjoy! We will always keep you posted.