Done with short sales

I wish everyone would stop doing short sales for at least a while. I received an approval letter from Chase and proceeded to get inspections and title work. The bank sold the property one day before closing. My customers are devastated. My seller is rightfully upset, and the bank or servicer will not help get it straightened out. 

I had Bank of America issue an approval letter then sold the servicing rights the next day to SPS and now have to start over. 

A person from Fannie Mae called me two days ago concerning an over inflated price on a house that he wanted to " help" me with. I told him I would work with him only because it was my responsibility to my customer, but will never do another. Does anyone else think we should keep bending over and taking this?

Short sale's have gotten so ridiculous, Let's just say NO until the value issue goes away. There is plenty of non-short sale business out there right now.

Mark Lee

Sarasota Realty Associates, Inc.

Fl. 

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Permalink Reply by Katerina Gasset on February 27, 2013 at 2:08pm

I loved the way we did short sales back in 2007 to 2010 before HAFA, before all this stupid supposed "cooperating". We knew all the decision makers, all the higher ups at the lenders- we could make one phone call and get an approval! All the so called "help" is not help at all. At least not for those of us who know how to negotiate and work on a short sale without the interference of "arms length" etc! Rules, more rules, and more,,,, and it all bottlenecks at the junction. 

Permalink Reply by Sheyenne Schultz on February 27, 2013 at 3:03pm

That would be great to not have to do them...but hey...look at the bright side...Since Fannie and Freddie are ALL giving OVER INFLATED prices out to everyone...and getting us into another "FALSE BUBBLE"...when the bubble bursts...AND, it's going to......Then we can ALL look forward to the next TSUNAMI of short sales that'll be coming.....oh, and IT'S COMING!!!!

Yippee!!!   Gee I can hardly wait... yuck...

Permalink Reply by Kimberley Kelly on March 4, 2013 at 3:11am

Ha-ha..so true.  The short sales I couldn't close last year were FNMAE..wanted WAY too much.  THey came on as REO's at WAY over market value.  Still sitting.  Gong show.

Permalink Reply by TOP END Properties on February 27, 2013 at 7:16pm
Honestly I love Short Sales and would be lost without them. I have a few hiccups here and there, but they all eventually straighten out if your firm and know how to escalate.
Permalink Reply by Kathleen Lordbock on March 3, 2013 at 2:59am

I am not sure how in a Short Sale status- Chase could sell a property that they do not own. Unless there is something very different in your state, that certainly could not work in Minnesota.  The owners need to sign the Purchase Agreement and the closing documents. The deed is in their name, not the bank's. If the bank had ownership as in already finished with the redemption period- then yes, they own it and could sell it. I know the redemption period are different from state to state and even the foreclosures process varies as to how it is done and the time it takes. But again. you can not sell something that you do not own, no closing company here would have anything to do with that.

Permalink Reply by Lisa D Arnold on March 3, 2013 at 8:58am

I believe the mortgage was sold, not the property.

Permalink Reply by Jessica on March 3, 2013 at 4:19am

You still have time to have the judge overturn ths sale. The court records should always be followed!!!

Permalink Reply by Tony Morales on March 3, 2013 at 4:26am

Mark  you seem to have gotten a lot of misinformation. Regarding CHASE, as I have stated on previous replies. If a bank/servicer has issued an approval letter and you comply with all of the terms including to close prior to the expiration of the letter, they cannot LEGALLY foreclose. All parties need to get their attorneys involved asap. So was the approval letter expired?  regarding B of A.. same thing   if you have received an approval letter from them, SPS MUST honor that letter and the terms approved by the previous servicer. Remember, the servicer may have changed but it is still the same investor. Mark this is the exact reason that I am in business as a 3rd party negotiator. Many agents do not have the knowledge on how to deal with banks.  It is with my persistence and contacts at many banks that prevent situations like you have had. So don't stop taking short sales.. Just hire a good negotiator, that will help you earn a commission.

Permalink Reply by Mark Lee on March 3, 2013 at 5:07am

Hi Tony, Thanks for Reply. Chase was the servicer, Citi is the investor, Chase attorney requested that the Judge sign the order to stop the sale, judge did not sign the order. Now no one can seem to figure it out and do not care to. It may sound like I am new to short sales, but I did close forty last year and about that many the year before. It does seem to me that the the more experienced I get, the harder they are to do. More changes, less cooperation, way too much "government help". We are Realtors that if organized, can make this very simple process very simple. Just stop for a month or two and there will be changes. I really believe that. I am doing my part. 

Permalink Reply by Sarah Little on March 3, 2013 at 4:40am
Amen! BOA did it for me. I had a few short sales that i had multiple offers on that theydecidedthey were going to foreclose on because they would have more control that way and it'd be faster. I tried to help people that fell on hard times and BOA didntcare to even try.
Permalink Reply by Kimberley Kelly on March 4, 2013 at 3:12am

Why do people still bank with B of A????

Permalink Reply by Douglas Michie Johnson on March 4, 2013 at 7:05am

Not to appear too cynical, Sarah, but they probably decided to foreclose because a large percentage of the time the lender is the purchaser at foreclosure sale and reaps the benefit of any equity.  Several years ago I had a lender buy a property that was over-secured for $100 at sheriff's sale because no bidders showed up, and then had the audacity to file suit for a deficiency.  I did not follow the deficiency suit, but the seller was in a no-asset chapter 7 so he probably didn't win anything.

Kimberly, because they advertise a lot, have a cool name, and people are stupid.

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