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Permalink Reply by Theodore Harden, PLLC on January 8, 2010 at 4:26pm

One of the challenges we run into in AZ is the 90-day rule with the Lenders. When the Third party has the deed transfer, it invokes the 90 day rule and the Lenders make us wait until day 91 before we can move forward. Lots of games being played (that being one of many) and the Short Sale Seller could be the loser.

Had a transaction in 2009 (reprensented Buyer) that Third Party wanted to use the Buyers funds to pay for Third Party's payoff to Short Sale Lender. (Restated, the Third Party was not using any of their own money) Third Party eventually got Hard Money Loan and with blood, sweat and tears it closed escrow.

Even after disclosures, it has been near impossible to close these types of Short Sales.

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Permalink Reply by Jack Harrell on January 9, 2010 at 6:11am

I am associated with professional short sale negotiators that specialize in luxury homes. Our team consists of realtors, former bank loss mitigators and investors with over 6 years experience in successfully negotiating short sales on luxury homes and creating a win-win-win solution for 100's of short sales. We have successfully used a purchase and sale (option to purchase) agreement which provides an immediate buyer for the property that is facing foreclosure, so that the short sale process is expedited. We insist on full disclosure so that all parties involved know that we intend to resale the property to an end buyer. The listing agent continues to list the property during this time and by outsourcing to us is given back his/her time to do what they do best, sell real estate.

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