Buyers have offers in on thousands and thousands of homes that are being sold in a short sale situation. The process has been started and things seem to be going along just fine but can you sit back and feel comfortable that the bank will not foreclose with a good valid offer on the property? Don't fool yourself, be very wary of this situation as you are not in the clear for obtaining the home even with a full price offer.

As an active real estate agent working many short sales, I can tell you that regardless of the situation, a bank may or may not complete the process and give the buyer time to close on the home..

The real truth seems to be that the short sale department and the foreclosure department do not communicate well at most banking and lending institutions. Here are a couple of actual cases that I personally have experienced and have since learned that short sales are risky for all parties.

First case has an offer submitted two weeks after the home is put on the market and four months prior to the auction date. The short sale negotiator somehow loses the file and by the time it is found three months have passed before the file is now being worked on. Then a broker price opinion is ordered and the process begins. The negotiator does postpone the foreclosure date with only minutes to spare but only with the buyer on the phone for hours pressing the issue.

Two months later and only 48 hours before the new auction date the short sale negotiator finally gives an approval for the offer and all parties should now be able to proceed. A buyer still needs time for the loan to be processed and title work to be done in order to close. However, the negotiator will not postpone the foreclosure even with realtor and seller on the phone for two days trying to make it happen. How can anyone close on a home in two days? They can't, but the short sale department did not inform the foreclosure department that they approved the short sale. The home is then auctioned before anyone can stop it for over thirty thousand dollars less than the offer. That is ridiculous and the homeowner now has a foreclosure on their hands and the buyer is furious as they waited over six months for the home and everyone did everything they were instructed to do.

In the second situation a cash offer is approved on a condo and preparations are being made to close. The realtor and seller are informed that the short sale negotiator has pushed off the foreclosure date for thirty days in order for the sale to be completed when the realtor is given notice by another realtor that they are listing the home as it has foreclosed. How does this happen over and over again?

Morale of this article is do not trust the banks to postpone a foreclosure date although they are the reason the whole thing takes so long in the first place.

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