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Today the listing agent sends me notice that they are not sure it will be a short sale, that they will know for sure within the next 24 hours. I have sent notice to my buyers but have to wonder how you could submit a short sale addendum and NOT be sure.
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8 Comments on Another Day Another Short Sale
How can the agent not know if it will be a short sale? If the owners have their last mortgage statement showing the balance, you know the commissions and tax escrows then you should be pretty darn close to knowing if you are break even or in minus column. Seems a bit sloppy on the listing agent's side.
Barbara Jo, I certainly don't envy you having to deal with short sales as a big part of your business. Sounds like a lot of work.
BarbaraJo ~ Perhaps the Seller has the ability to make up the short fall, but possibly chose not to... until they heard your Buyer was going to walk. Hope it works out for you!
Pat - I know - and the best part of this is that I got another e-mail last night from the listing agent saying it may not be a short sale after all - that she will know for sure in the next 24 hours - !!!!!
Pat - It is and the pay is really minimal for the hours involved. I remember the days BEFORE 2008 when contracts could not be written fast enough! ah, those were the days.....................
Melinda - according to the listing agent, we are talking about 40k - that is rather large for the seller to make up, but now with the latest e-mail, who knows what is going on -
Sounds a little like bait and switch to me. it is. Now it isn't. make up your mind.
Robert - I am awaiting an update e-mail now to see what the latest status is on this. My client really liked it - otherwise I would tell them to move on.
Maybe they are just trying to cover all bases and get that addendum signing in case. I am sick of hearing the words "Bank of America short sale". Why not go ahead and sign it and think positive. Can't the buyers walk away during their home inspection period if they don't like what they see?
Georgina - yes, they can but this would be the second offer that they have pending bank approval and both from Bank of America - not exactly the bank they want to have all their eggs in one basket with!!
And the listing agent never did get back with me on any updates - 24 hours is now 48 hours with no response to my requests for an update.......................
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