I closed a short sale last week where I had to go through four entities to get the transaction approved. Each one presented a list of demands in a untimely fashion putting the burden squarely on me. If I was able to quality dialog with anyone of them, we could resolve any problem within minutes
PLAN TO SPEND TIME
There's your first problem. Getting a hold of anyone. If and when you do, the quality and effectiveness of the communication is below standard. I am sorry to say that the people fielding calls do not grasp, care, or appreciate what they are doing or talking about. It is like you are bothering them. This says a lot about the people they work for too
PLAN FOR GREED
Assuming you get past all the obstacles, various investors are finding new and creative ways to make a buck. By that I mean that they know their approval is required in a short sale and they will withhold it to get what they want. In my instance, they stalled the sale 3 times, jeopardized all the existing commitments and approvals and countered with paying a LESS commission.
CLIENT COMES FIRST
In California and in my heart of hearts, my clients come first always and every-time. I have been treated well over the years because of this. In this case, I instantly went along so my client could have closure and these poor buyers who have waited for months can have their new home. Boy would I like a few words with that investor.
EVERYONE IS DOING IT
I am learning that investors must be doing the same thing with everyone which is probably why we are at an impasse and in such a sad state of affairs economically. I sense a tug of war between the banking institutions and the government. Traditionally, the government is supposed to bail out everyone at the end of the day.
UNCLE SAM WILL MAKE GOOD
When this concept first was put into place, it was sold and packaged verbally by Wall Street just like that. Anyone buying the securities were told that the United States government backs these in case of failure. It wasn't hard to grasp because we do and did just that. Prior to that, the American people coming back from the wars would go to great length's to pay their mortgages and for over 50 years did so. It was unheard of to default on a mortgage just like it was unheard of to have sex outside of marriage.
WALL STREET MADE $$$$
Wall street sold out on these deals and now the holders of the bulk purchases are trying to collect. Thus I believe is the invisible tug of war that I mentioned earlier. Because the gov has refused to blink anymore, now investors play Jessie James and HOLD-UP deals to get an extra few cents. May all your short sales not come up TOO SHORT!