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Change wording

Posted by Mike Warfel on January 28, 2010 at 5:42pm
The lender came back with "may waive deficiency rights" would not change to "will waive all deficiency rights" so the result was my seller would not accept the "approved Short Sale". Listed the house for 15 months worked the short sale for the last 5 of them, 30 plus hours on the phone mostly on hold.Just to say-Yes I do short sales, they all do not work out as planed.
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Comments

  • Mike Warfel January 29, 2010 at 10:59am
    The Agent lists a home, home goes into short sale status and the discussion takes place about the meaning of a SS. Then the home sale is finally accepted by the bank, now the Real meaning sinks in and the letter of acceptance does not provide a get out of jail card. We just cannot force anyone to sell if they have decided not to.
    That old solution of find two more to list will make up for the one that got away, we cannot go to battle and expect to escape unscathed.
    Thank you
  • Bryant Tutas January 29, 2010 at 10:35am
    That sucks Mike. The lesson learned is to make sure at time of listing that your sellers understand they may very well have to contribute cash, sign a note or deal with a deficiency in the future. Have them sign a disclosure stating this. At least this way you can have this discussion with them before going to work.

    A short sale is not a free walk in the park. If sellers don't want to deal with deficiencies then simply make their mortgage payments. Short of that there are no guarantees.
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