Replacing A Buyer That Walked
Hi everyone, I'm new to the short sale world. I assume there will be several cases where we get an offer and by the time it is approved the buyer has walked. At that point how hard is it to replace that buyers name on the approval letter? I would hate to work for 2 months only to have to start totally over. If I could just market for a new buyer or contact one of the backup offers that would be ideal but will the bank have a problem with that?
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Permalink Reply by Short Sale Superstars LLC on
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Depends on so many factors. Is the approval letter buyer specific, did the terms change, who the servicer is, who the investor is, and is the value still valid. You typically don't have to start over, but at times the delay is longer than others. Other times it is a very quick switch. No easy answer, depends on all the factors.
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Permalink Reply by Deshone Drummond on
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It is buyer specific in this particular case. I don't know how common it is to be buyer specific but in any case, if it takes 2-3 months (in some cases) I'm sure there will be several situations where the first buyer is gone and you have an approval good for 30-45 days. I'm not worried about finding another buyer at the same or higher number in the time frame but I am concerned with the bank not being good with that. I thought the banks knew it was common nowadays for the first buyer to not be around but if you've been taking backup offers I would think they should let us just put another person in there. Thoughts?
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Just wanted to see if anyone else had any thoughts on this?
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