I've been dealing with a short sale recently, and man, it can get complicated real fast. One thing I've found helpful is getting the lender's approval in writing early on—saves headaches later. Curious if anyone else has tips or hacks they've stumbled on?
One thing I've learned from refinancing (which has its own headaches, trust me...) is to double-check any fees or charges the lender sneaks in later. Ever had issues with unexpected costs popping up mid-process?
"double-check any fees or charges the lender sneaks in later"
Couldn't agree more—hidden fees are unfortunately quite common. I've noticed lenders often bury these costs deep within lengthy disclosures, probably hoping they'll slip past unnoticed. Another subtlety I've encountered is the sudden appearance of appraisal or inspection costs that weren't clearly stated upfront. It's always wise to request a detailed breakdown early on and question anything vague or ambiguous... saved me a few headaches over the years.
"It's always wise to request a detailed breakdown early on and question anything vague or ambiguous..."
Totally agree—I'd even suggest keeping a running email thread documenting these clarifications. Saved me big-time once when a lender tried adding a vague "processing fee" right before closing...
Short Sales Can Be a Minefield—Few Things I've Learned:
- Agree on the email thread point. Saved my neck more than once. Paper trails are your best friend in these deals.
- Watch out for lenders dragging their feet intentionally. Had one lender stall repeatedly, probably hoping I'd walk away. Had to escalate to a supervisor to get things moving again.
- Don't underestimate the seller's emotional state. Short sales often mean they're under financial stress. Clear, direct communication helps, but expect some bumps.
- Double-check everything at closing. Had a lender once "accidentally" slip in a higher interest rate than agreed. Caught it just in time because I was paranoid enough to read every line.
In short, trust no one completely, document obsessively, and expect curveballs. Short sales aren't pretty, but they can work if you're cautious and thorough.
