As you know the rules and regulations regarding shorts sales are evolving.

As this Dynamic Real Estate Market con tinues to evolve, so will the rules, criteria, regulations regarding short sales, mortgage programs, buyer strategy, seller startegy, etc.  The way to stay ahead of the curve as a consumer or real estate professional is constant education. 

The one grey area I have seen on the short sales I have worked on is the disclosure of multiple offers. This has not been openly disclosed on the transactions I was working on. Apparently there was not a definite rule regarding this for short sales. The other issue was the status of the short sale and how fast it can be closed.

What I am seeing is the selling agent needs to specifically ask if there are any other offers pending on the property. Your agent also needs to ask specific questions when the listing agent tells you they want to close fast, this can close fast, or anything else.

The only way you are going to close fast is the short sale has been approved by the lender. The only way the short sale can be approved by the lender is someone made an offer and it fell through. So, when you are told by the listing agent that the short sale will close fast ask them if the short sale was approved by the lender. If they say yes, ask them if they actually had an offer. Remember, at this point you know more about short sales than most realtors.

On the other hand, if you are a seller, your listing agent needs to use this information. You need to get an offer to get the short sale moving and an approval by the lender. So get an offer, no matter how low, get an offer. Secondly, if the first offer does not work out, still get your approval amount from the lender. After this, you and your listing realtor should let everyone know that you have an approved short sale for a fast closing. Make sure you place this on the MLS and make sure you tell them again at your showing.

As always, please contact me if you have any questions.