DO not tell me we have approval on YOUR Short Sale - when there are conditions that require my buyer to come up with cash......

My Buyer have been waiting since May to hear AN answer from the bank ON their short sale offer.

I get "THE CALL" today, the message and email say "Great news the first and second have approved the short sale.  Give me a call when you get the chance"

Imagine my surprise - and BOY am I glad I DID NOT call my buyers FIRST.  When I finally got a hold of the other agent this is what I heard. "Susan I am so excited we have approval on the first and the second.  Oh and BY THE WAY - the 2nd needs $10,000 MORE dollars, so your buyers need to bring $10,000 CASH to closing." 

This is an FHA offer, if they had $10,000 more we would have been a conventional buyer.

As far as I'm concernced "WE"  DO NOT have approval.  You should not expect my buyers to contribute $10,000  CASH so your clients can avoid foreclosure.  YOUR Client is still living in this house, and has not made a house payment for the last 8 months, what happened to the money they were paying, $3800 a month x 8 = $30,400? 

I've got an obligation to my client to let them know --- however -- the other agent A) needs to try to negotiate with the bank b) tell her seller that if they want to sell they either need to come up with the cash OR take a note or C) at the very least offer to split/share this cost. The agent didn't even OFFER to talk to her CLIENTS about paying SOME of the money wanted.

(Please don't tell me if my clients want the house they should pay, they are willing to increase their offer and finance this amount, if it comes to that.  Listing agent said that was impossible as First would take the increase and not pass it on to the second -- she hasn't talked to either bank yet.)

Your thoughts?  What am I missing in this picture?

Susan Goulding & Associates
Tracy and Mountain House CA

We believe that helping people short sale thier homes is the kindest thing we can do in today's market.