As most buyers and sellers understand these days, the short sale process is much more complicated (and lengthy) than a traditional real estate transaction. There are a number of decisions along the way that can help move along smoothly or help a deal fall apart. I periodically write blog posts about the common mistakes that I see, and advice on how to avoid them.
Mistake #3: Forgetting about the foreclosure proceedings – even with an approved offer.
This is a simple one – but something to keep in mind: just because one department of a bank has issued an approval on your short sale, it doesn’t necessarily mean that they have communicated this to the department that handles foreclosure filings. If you are the seller in a short sale transaction, be sure to read all mail that the lender sends you and call immediately (and let your agent know) if you receive any communication that is contradictory to the transaction at hand. You cannot over-communicate with the lender, or be too pro-active as mix-ups and oversights can (and do) happen. Stay on top of the ball all the way through the closing of the home to insure that foreclosure proceedings are postponed.