Some short sales are easy, some not so much!
The closing agent (in NJ, at least this part of the state is a Title Agent) had the closing instructions from both lenders…as requested, the HUD 1's were sent to both lenders in this short sale.
But despite the buyers loan being fully funded, we received no documents to close. So we wait, and wait…and well you know!
The home did not close today…not because the sellers negotiator did not do his/her job, not because the Title Agency didn’t do their job, not because the buyers did not do their job, not because the buyer’s bank did not do their job.
The lenders getting shorted were the problem. They didn't send a final approval letter...they would not even speakwith closing agents.
We’ve found many ways to improve this system…I say there’s much more to do
Why isn't our national association doing something about this.
HEY, NAR LET'S GET THIS SHORT SALE THING FIGURED OUT! SUPPORT US!
(It’s 5:06pm as I write, I guess we’ll have to wait for Monday for the outcome.)