Short sales are hard work taking a lot of time and patience. The government try to give incentives to banks to try to help homeowners from getting foreclosed through many foreclosure alternatives such as loan modifications and short sales. Any agent that knock on any homeowner that is under default would hear from the owners that they are trying to do a loan modification before considering a short sale. That is understandable since they are trying everything they could to keep their home.
When the loan modification does not go through, then for some owners, it might be time to look into a short sale or wait to be foreclosed upon. During the short sale process, it is up to the bank to approve or deny the short sale.
What I don't understand and is frustrating is that if banks deny homeowners a few times, in which case they turn to do a short sale, then why offer send letters to the same homeowners after the short sale got approved by them that they may qualify for a loan modification? Personally I lost about 1 listing per month and lost a sale tonight because my short sale sellers got a letter from their banks about the possibility of qualifying a loan modification.
What bothers me is not losing the commission, but within a few weeks after the short sale got cancelled, the loan modification did not go through and the owners are forclosed on. Just thought that there should be something that say that banks should not send letters to homeowners they denied previously and are currently approved a short sale.
Is the banks interfering with your short sales? Is there anything we can do to prevent losing the short sale?
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