One short sale we are working on in Fort Myers has been a first for me...


We have a negotiator in place and have been going back and forth and I had a verbal approval from the negotiator at purchase price of $208,000.

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I went to the buyer, revised the contract and added the pertinent language for the seller contribution toward the buyers closing costs in which we had to change the price to around $220,000.

My mistake and shame on me for acting on anything less than something in writing... Prior to obtaining an actual written approval with the net amount that the banks needs, I submitted the revised short sale contract with the $220K price and the language of $12,000 as a seller contribution toward buyers closing costs.

The negotiator did provide a written approval.

Yeah. Well it was for the new price of $220K and NO contribution I tried everything to fight this and talk with supervisors, etc - Nothing worked. And a take it or leave attitude was established.

We are still moving forward but had to increase the purchase price even further and now may deal with an appraisal issue.

I put this out if you are a buyer, seller or a representing short sale agent. Be sure to get a written approval with the net amount that the banks needs (even on your initial offer). Then submit the revised contract with any necessary contributions.

Another thing you will need to watch out for...

Now if this buyer backs out of this Fort Myers short sale because a denial in financing we may be in trouble. They may now look at the supplemented price as their new "approved" price which may kill any potential future buyer of the short sale if it is not a competitive price in the market. Also, some lenders will ensure the approved price to stay in place for a certain duration 30, 60 days...

I have not and will not give up until this property is sold one way or the other But - Just be aware of the scandalous activities that take place. Watch out and learn from my mistake I am sure to have more to come just keep checking back... Things are always changing and evolving. We just all need to be prepared and educated.By: Steve DariaArticle Directory: http://www.articledashboard.comSteve Daria is a the broker / owner of Maxim Realtors, LLC, specializing inhelping clients stop foreclosure in Fort Myers, FL.