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Short Sale Approved. Buyer Ready and Willing. Seller Decides She Wants to Keep Living Free for as Long as Possible.

By Tim Maitski

Real Estate Agent with Atlanta Communities Real Estate Brokerage GREC #208281

July 28, 2010 03:08 PM

I had a buyer ask me to check on the status of a home that was showing up as "Pending Sale".

I saw that it was a short sale that went under contract in April and the proposed closing date was at the end of May. I figured that it was already closed but I called the listing agent just to make sure.

The listing agent told me that she had a super qualified buyer who was ready and willing to buy and she also had the short sale all approved by the seller's lender. But the seller had gotten used to not making any mortgage payments for so long that she was reluctant to close. She wanted to stay there as long as possible so she could keep saving the money that she wasn't paying towards the mortgage. Why would she want to pay rent when she was living in a beautiful home for free?

I just had to laugh at that one. You get everything set up perfectly and then the seller wants to stall.

These are pretty crazy times.

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Jane Pacheco

Pacheco Realty & Financial Services - Fremont, CA

I wonder what the approval letter states as the closing date. Repeated requests to postpone the closing date might raise a red flag with the short sale lender. Hmmm, something doesn't seem right...

Jul 28, 2010 03:13 PM

Jeff Belonger

Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ

The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Tim... this is just not right.. sure, it does make sense from the person living in the house... but where are the morals... I guess they want food stamps next. My biggest problem, why are these kinds of people protected so much... aarrggghhh

jeff belonger

Jul 28, 2010 03:47 PM

Leslie Ebersole

Swanepoel T3 Group - Saint Charles, IL

I help brokers build businesses they love.

Sad to say, but I had a seller drag it out as long as possible and then lost the home to foreclosure. There was irregular information in the financial background (including whether there was really a hardship) that could have been addressed if he hadn't delayed until the very end.

Jul 30, 2010 04:57 PM

Debbie Baldes

Calling Boise Home - Boise, ID

ABR, SFR, e-PRO, CHS

That happened to me. I took the listing, negotiated the short sale approval and the seller refused to go to title to sign. Last I checked she was still in the house, almost 4 YEARS no payment! Can you believe that???

Aug 02, 2010 05:33 AM

Tim Maitski

Atlanta Communities Real Estate Brokerage - Atlanta, GA

Truth, Excellence and a Good Deal

Debbie, Holy smoke!! Four years?

That has to be a record.

Aug 02, 2010 03:51 PM

Yes Tim...and out of pure curiosity, I just looked at the tax roll and she is still on record. How can one fall through the cracks so long?

Aug 02, 2010 07:58 PM

Short Sale Approved. Buyer Ready and Willing. Seller Decides She Wants to Keep Living Free for as Long as Possible.

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