I have been working on this particular Short Sale for almost 2 years.....it doesn't matter why it has been taking two years as we all know that the banks and their systems excel at prolonging this no matter what you hear. I was expecting some really good news any day
WELL, I GOT SOME NEWS ALRIGHT.....
After weeks and weeks of final wrangling and negotiating and entering the countdown mode, I get what I consider to be a devious, unprofessional response-tactic out of no-where....But, before I reveal it, I want to recap some of the events...as follows:
1. We had to deal with a first called EMC who was cooperative, but not timely.
2. The second was the infamous BofA. They did not disappoint me in maintaining their reputation for ineptness, unprofessional-ism, indifference, playing dead, and not-responding or caring one iota.
3. The investor who popped out of thin air...virtually no-where that we never knew about. This man absolutely refused to accept 3 BPO's and 2 Appraisals that established the values. He waited until the last minute (along with BofA) to let me know that they want another appraisal and more settlement money.
4. AND NOW THE ULTIMATE......I get an email from BofA that their mortgage company that insures them wants the following:
The Mortgage Insurance company has requested an additional $10k and will not release the lien until they receive $10k. This can come from the borrower, the agent, the buyer or a combination of all of them. Please be advised this is no negotiable and if the value can not be met then the file will be declined. Please notify me right away once you have discussed this with all parties.
When you take each situation indivudually, it appears to be like a check-off list and if you proceed with the list, you will ultimately have a successful short sale. But consider:
- First doesn't know what the others are doing nor do they care.
- The second is more indifferent than the first and cares even less if you can get a hold of anyone so that they can tell you...... they dont care.
- The investor is independent of everyone doing what he pleases and times this whole thing to maximize his position.
- The Mortage Insurace people expertly play: MY WAY OR THE HIGHWAY
THE SOLUTION FELL ON THE AGENTS.......WE WORKED FOR FREE
Now, neither the seller or the buyer has additional funds. The market has steadied and there is even reports of declining values. Both agents had a heated discussion on taking the $10k out of commissions and that is the way we are proceeding. We do this for two very good reasons....
1. To protect our clients. Mine has had two nervous breakdowns and the husband is in the military fighting overseas. His last words to me were...please get this done right away so we can start fresh. The buyers agent will be out money, time and a home
2. To have to go through another year (or?) and 4 entities to get another approval, appraisals, BPO's, settlement letters plus non-responses, no cooperation, no negotiation, and no way to close unless the four agree in a declining market under the threat of imminent foreclosure...........is too much
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