I know most short sale transactions are nightmares, but I want to share a recent great experience: I represented a cash buyer (I know, that in itself is a great experience), the listing agent already had six offers on a property but told me what was necessary to beat the other cash buyers out. The seller accepted my client's offer and the offer was submitted to the bank for approval. The approval was received in six weeks giving us eight days to close.
Crucial difference in this short sale transaction? The listing agent, who obviously knew his stuff, opened the escrow with the buyer's good faith deposit and the escrow papers were signed prior to the bank's approval. Upon approval, all the reports and disclosures were dealt with and we got the transaction closed in eight days. I know this could possibly be the only time in my real estate career that I'll have such an easy and perfect transaction, but for now, I'm savoring the moment!
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