I think we have reached a point where I CARE MORE ABOUT THE SELLER'S FINANCIAL WELL-BEING THAN SHE DOES.
Short sale should also mean short fuse.
No matter how many times we explain to people that short sale is anything but short, and that it will take time to get a response that will determine the right course of action, some people have short memories.
This seller previously listed her condo with another agent but didn't get a single offer after more than six months. I agreed to help her because although there are two loans, they are both with Bank of America. When I took over the listing I staged it a little bit, posted more pictures and a visual tour, and immediately received two good offers. The first offer I sent off to the lenders, and the second is in back-up.
I even engaged a third party short sale negotiator to try to move this process along. Unfortunately, the process is moving at a snail's pace.
The seller was apprised every step of the way....but she is complaining that it's taking so long. She wails "It's been a year!" (I have only had it 3 months). At this point, she just wants to forget about the property and let it foreclose. She is starting to remove things like drapes, and she turned off the electricity.
Told her she can't remove things like fixtures from the property because these items are part of the property as advertised on the MLS, and on the offer.
Also tried to explain (again) why a short sale is less disastrous on her credit than a foreclosure.l gave her a printout on the effects of a short sale versus a foreclosure, and why we are doing our best to have this sold before the bank takes over.
She's saying she doesn't care. Let it foreclose!
The buyer is hanging in there....and wants to move forward if the bank will approve the short sale. So until we receive a definitive answer, the contract is in play. I have apprised the buyer's agent to not be surprised if the seller cancels. And that may be the best solution for all.
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