The Second time around is much better!

The Second time around is much better! We hear that to be true in marriages.

There are many that say, the second time around is much better when it comes to a lot of things. I will be the first to say that this can apply to Short Sales as well.

I just received a Short Sale Approval here in Coral Springs and it is the second time around. Our first Buyer couldn't get financing so back on the market. My Seller who was trying to sell their home in Coral Springs was quite disappointed by losing the first Buyer. It is a lovely home so I assured them that we'd get a Buyer and we did, yet the price was $20,000 less than what was originally approved. Here's our 2 Buyers scenarios:

1. Buyer one - First time around
   • Approved Short Sale
   • Promissory Note for $10,000
   • Right to pursue deficiency
2. Buyer two - Second time around
   • Approved Short Sale
   • Approved Price $20,000 less than First Buyer
   • No Promissory Note
   • Deficiency Balance will not be pursued
   • Account satisfied

Now you can see that in a Short Sale, the Second time around can be better! My Seller is thrilled! Can't beat that for feeling joy for your Seller.

So remember the next time that your first Buyer of a Short Sale falls through, that the Second Buyer just may be the shiny penny that you've been waiting for to avoid foreclosure! In this case, the Second Buyer won hands down.