How COVID-19 affects monthly rental agreements
that commonly happens with short sales: The lender takes so long to make a decision that the buyer decides to move on and buy a different property.
But sometimes buyers hold on, thinking that if they just wait another week the lender will recognize that the property is worth less and accept their offer. That doesn’t generally happen until the lender has lost a buyer or two, which is difficult for any buyer to gauge.
So make sure you hire an attorney who is smart and savvy and has plenty of experience with shortsale negotiations if you hope to get this purchase to the closing table.