Oh how I hate metro Detroit short sales. I will never understand banks that control the process. One of the foreclosures agents in my office just got a listing. It was a short sale right before it became a Northville foreclosure. They had a short sale offer at $230,000 but they never got it closed. The bank's REO department set a price of $205,000 and the house got 2 offers within 2 days.
So now the poor Metro Detroit short sale buyers that have been waiting for 3 months are out of luck. Their agent "kinda failed" by not reacting and putting an offer in on the foreclosure. Maybe they didn't notice that it went to foreclosure. They could have gotten the house they wanted for $25,000 cheaper.
Sadly both the bank and the short sale lost out. But honestly I don't care about the banks. I care more about the homebuyers that had pinned their hopes on this one house. I just never get why one of the banks asset managers don't accept the short sale offer in a timely manner and then lose $25,000.
The different departments in the bank should be talking to each other. Maybe they should learn to communicate with each other. Maybe then they could be profitable or at least not need as much money. Does anybody out there want to volunteer to teach big banks how there departments should communicate with each other?
Think of it as charity work for the American tax payer. Maybe we won't have to give them another bailout.
Russ Ravary your Metro Detroit realtor
PS to all the hard working bank employees out there. I am just aiming this toward the managers of these departments. I know many of you are overworked and trying to get the short sales done but are hampered by your banks rules.
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