There are hundreds of reasons why a short sale may not close. There are far to many variables to list, but one of the biggest qualifiers for me when assessing whether or not we will work with a homeowner is their motivation factor.
It's dooms day in case you haven't noticed in Massachusetts and New Hampshire in the housing market. You can't open the Globe, Herald or Union Leader without seeing page after page of auction notices posted. It is overwhelming to say the least. Homeowners facing the loss of their home are struggling not just financially, but most likely physically, mentally, and possibly spiritually. This can take its toll in many different ways.
The problem becomes too much to bare for many homeowners. Many have to turn away. They can't face what's ahead. Unfortunately this lack of acceptance in their situation causes many to "ignore" the notices, the phone calls from the lender, the questions from credit companies, etc. Denial is a serious problem when a homeowner is facing the loss of their home.
There are cases when we cannot do our job because a homeowner becomes "unresponsive" - That will hinder not only our success in negotiating, but affect the sale of the property for the homeowner.
I have a strict rule that when I make an appointment to meet with a homeowner, that I don't travel to that house until I know that all of my paperwork is signed. That's one of the biggest indicators of motivation for me. If I have to chase a homeowner for paperwork, then it's likely they are in some sort of denial. I certainly understand how overwhelming the short sale paperwork is, which is why I like to give them plenty of time to get their packet together, but if on appointment day I call and they haven't filled it out COMPLETELY, I just set another appointment. It's important for me, and for them, to understand that this is just the beginning of the process and there could be times (maybe several) that I'm going to be in need of more paperwork, scheduling of appointments, etc., and that the sooner everything is completed the sooner we can get a response from the lender. A complete packet is a very good indicator of motivation for a homeowner which is one big peice of the short sale puzzle
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Maryann Little, Preforeclosure acquisition
http://rapidpropertyrelief.com
http://massachusettsshortsales.net
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
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