There was a short sale listing for a one bedroom unit facing south with a balcony on the market May 17, 2011 and then it went into under contract May 23rd, 2011. The reason that the unit came back on the market is that the lender wanted a little more money, therefore, the listing agent has increased the listing price for this unit by $20k. Even then, it went to under contract within a week.
I informed a couple of my clients that this unit came back on the market, and then when they were ready to see it, it was already under contract again. Goes to show that for short sale deals, not only do you need to act fast to see it first, but also, you need to have cash and preapproval letter ready. In addition, short sales are not so negotiable, the reason is that otherwise the listing agent would like to list at a lower price to attract more buyers. The short sale needs to be approved by the lender and the seller does not get any profit from the deal. The seller does not really care of the listing price, it is the lender who has a bottom line to approve the short sale. For Some short sales, if the seller still has some funds in his/her bank account, then the lender might ask the seller to contribute some at the closing.
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