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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I'm surprised the seller did not receive a notice stating their loan servicing was changing. I had a short sale do the same thing and everyone was so upset. Bottom line after the new lender received the loan my seller got involved and wow did things start to move faster. The short sale started in May and finally closed in November 2012. Same buyer stayed with us the entire time. My last 3 transactions have been short sales.
Mark-
I agree with you completely! Short sales are just about impossible to complete right now.
My 2013 business plan has changed completely and I am prospecting other areas. When you consider the small number of short sales as a percentage of total sales it makes no sense to spend all the time and effort for no paycheck.
Good luck!
Marcy Spieker
This "mistake" commonly occurs because the loss mitigation dept fails to inform the foreclosure dept about the short sale in process. They fail to input the proper codes, thus the trustee sale takes place. I have had this occur several times and I simply dispute the sale directly with the foreclosure dept. and then ask to rescind the sale. I have been fortunate or lucky to have had the sale rescinded even when the property has sold to a third party at the trustee sale. I reside in Utah where there is no redemption of property after a trustee sale but you can have a sale rescinded or rather unwound. Then the short sale can proceed as before. I believe this is a very good possibility with your situation, especially since you had the approval issued. Mine were not even approved yet, just in progress.
Don't give up, you've taken it this far, the buyer deserves the house and the seller deserves to have the benefits of a short sale and you certainly deserve your commission.
I don't blame you at all, Mark, for hating it and not doing it anymore, especially with more "normal" listings to take. I guess I'm am just a sicko because I LOVE doing short sales! I am a problem solver at heart, so I get the ultimate charge out of getting a short sale approved. I love the challenge! I only do third party short sale negotiations for other agents and their seller clients and rarely do my own listings and/or work with buyers. I think that may be why I am so successful (99.5% success rate) and why I enjoy it so much. I don't have to try to squeeze in listing appointments and showings out on the road between sitting down at my desk and phone to do all of the short sale tasks.
Wow, Donna, are you anywhere near Miami? I represent people who are over their heads in debt, and my experience has been that the big banks hire people to avoid any legal cure that would enable my clients to keep any of their hard earned equity. Apparently there is an unwritten agreement among banks that no loan will be refinanced if there is any allegation of arrears or acceleration, regardless of equity. I am reminded of the "Little Nell" cartoons of the 30s with the evil banker tying Nell on the railroad tracks to extort payment.
Hi Douglas,
No, not anywhere near Miami, but I'm not anywhere near most of my clients. I do everything by phone and email. I am not licensed to list homes in Florida, but there are a lot of fine agents on this website who are! And if they don't want to do their own negotiations, I am available.
Thanks for the prompt reply, I am too empathetic to be a debtor's attorney. That said, I will keep you in mind for the next time this comes up. Meanwhile I am looking for a dart board with Jamie Dimon's picture on it. Do you do commercial, or just residential?
Just residential. Thanks!
Amen Mark. I stopped taking short sales at the end of last year and turned over all of my open shorts to a negotiating team. I am just tired of beating my head against a wall. I am convinced that the banks do not want to do short sales, they would much rather foreclose and they will do just about anything to make that happen.
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