An Incomplete Short Sale Proposal Can Kill The Sale
Another pitfall to avoid when purchasing a shortsale is incomplete shortsale proposals. This is one of the main reasons that short sale proposals are rejected by lenders. Agents that are not familiar with these transactions often fail to understand the process, as well as what lenders are looking for in a proposal. This leads to proposals that are incomplete.
To avoid this pitfall, it is important that buyers understand the process thoroughly. Buyers should also work to hire a qualified real estate agent that is knowledgeable and experienced in dealing with short sales as well. A good agent can work with buyers to ensure that the proposal provided to lenders is complete and cohesive, ensuring that the proposal is not rejected simply for being incomplete.