Change wording
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.
Just to say-Yes I do short sales, they all do not work out as planed.
Comment
-
Comment by Mike Warfel on 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
-
Comment by Bryant Tutas on 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.
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons
You need to be a member of Short Sale Superstars to add comments!
Join Short Sale Superstars