My clients applied for a short sale on 11/24/14. That same day while telling them how much they would get through HAFA they referred the file over to the attorney. The owner was told they were going to get a title search and appraisal. I was contacted by the client and put the property on the market on 12/28, they set the date for the short sale on 12/30. They were told on They told on January 2nd that there were 2 liens and for them to negotiate it down and get the info back to them and they would stop the short sale. The appraiser came on 1/8/15. All the while the family is cooperating because they thought the verbal response equaled that they were accepted for the short sale. The appraisal came back very high.
I couldn't get a straight answer from any agents until about 4 days ago. I was always told they didn't have the authorization to speak to me until 48 hours (then another 48 hours in some cases) have passed. To make a long story short, the property is going to be foreclosed on 2/4/15. I have done one open house after another, but the net they want is too high. I did a CMA for them to justify a reduction in price but was told it was too late for them to review it and the family should just move.
They told me that before a short sale would be approved the title search and appraisal needed to be done. That was not told to the client, and since they were well along their process of acceptance would have put them into foreclosure status no matter what they did. What's the point of telling me to just get an offer when I know they gave me a net price that the comps don't justify nor will Midland accept?
Sorry to vent, but this company is not easy to work with nor are they transparent. I feel sorry for the owner because they feel duped and that the info they gathered was for Midland's benefit, not theirs.