Although you might be getting a good price when purchasing a short sale, don't think it doesn't come with a lot of waiting and headaches. As demand for short sales continues to increase, banks have also gotten smarter. In the past and even now, junior lien holders (ie. the bank that holds a 2nd loan, 3rd etc.) usually walk away from short sales with a nominal amount or just a complete loss on their books. Not the case anymore.
Yesterday, my first time homebuyer was getting his champagne bottle ready when we suddenly received a call that we could not record with the county as the bank holding the 2nd loan on the seller refused to release the lien asking for more money. WHAT!!! Unheard of!!! To top it off, my excited buyers parents are flying in from Chicago to help him move in over the 4th of July weekend only to find out that they may not get the keys!!
Were still not closed and the saga continues...The junior lienholder has just squeezed out an amazing $17,000 dollars out of the senior and now they are telling us that they need 3 days for an approval signature...WHAT!!
Buyers be prepared for anything!
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