I have been working a short sale since January (I have the Seller). All the usual pain and aggravation. Almost no communication from the Lender, lost files, disputed appraisal etc. Had a good offer submitted in March. The Buyers are totally APPROVED, represented by a great Agent and are very patient.
Guess what? The Lender could care less. They countered OVER the disputed appraised amount. We tried to appeal the appraisal, with the appraiser's blessing. No dice. We are headed for the courthouse steps next month.
I made the dreaded phone call to my Sellers Thursday afternoon. Had to tell them my bag of tricks was empty; that unless we came up with another offer very close to the Lender's last counter, we were out of luck.
My very smart Sellers had another idea. They googled their fingers off and found the name of a customer service VP of the Lender. Friday morning they sent a well written email asking to talk with someone to review their file with them. If they didn't receive a response, they would be forced to contact the consumer advocate reporters for the local television and radio stations.
Lo and behold, within one hour the VP had phoned my Sellers and me, collecting all the pertinent details. He gave me his personal phone and email. We exchanged information and docs all day. Although he made no promises, I feel we still have a fighting chance.
Who knows? Maybe threats do work..........
Photo courtesy of respres
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