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Should I Tell the Bank That I Put My Home on the Market?

By
Real Estate Agent with Elizabeth Anne Weintraub, Broker DRE #00697006

notify bank home is for saleI am not saying a home seller in Sacramento should ignore the bank. Especially not when the bank mails out documents. It's entirely possible that the seller will receive duplicate documents, especially if the seller is attempting to do a short sale. The bank will send documents not only to the short sale agent but also to the seller. And more duplicate documents will come from different departments. When in doubt, send those documents to your real estate agent. Not to the bank.

Even in an equity sale, though, sellers will wonder how much communication they need to have with their bank. Banks staff entire departments whose sole focus is to collect mortgage payments. Some people confuse these collection attempts with a person who cares, a person who is reaching out to console and comfort, instead of a person who will reach into your chest, rip out your heart and squeeze until it crumbles into dust in their fist.

Read more on my personal blog today about Should You Notify the Bank Your Home is For Sale?

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

Comments (5)

Jim Patton
Aspire Home Real Estate 209-404-0816 - Modesto, CA
Realtor - Stanislaus ,Merced, San Joaquin Counties

What was the name of that book?  Men are from mars women are from Venus?   That pretty much sums up the collections department and short sale department at banks.  They might as well be on different planets and speaking different languages.

Mar 08, 2013 12:48 AM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

In short sale communication of the seller with the bank is a disaster. They would send the documents to the bank, but the package should have something from the agent and the attorney, but the bank wold use what they got from the seller, and when they get the package from the attorney or the agent, they think that they have the stuff in the system already, and they discard what they get, and then then start bombarding with request for more information, and it is a vicious cycle...

ANd true, people are opening up to collectors...

Oh, well...

Mar 08, 2013 04:13 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

It's so true.  Home owners in financial distress do think that letting the bank know the how is for sale will somehow either lessen the collection attempts or hurry up the short sale process.  As you point out, the departments we Short Sale Agents speak with is usually not the same ones the home owners are dealing with.

Mar 08, 2013 08:11 AM
James Dray
Fathom Realty - Bentonville, AR

Morning Elizabeth your description of some of the people who work at the banks is spot on.  One can close their eyes and imagine the pain of some of the home owners who fall for this. 

Mar 08, 2013 07:30 PM
Kimberley Kelly, SFR, HAFA, GREEN
HK Lane, Christie's International Affiliate, 760-285-3578 - La Quinta, CA
I do Real Estate like I played polo-to WIN!

I have had short sale Sellers tell me they "went downt to the bank and talked to the nicest person!"  What a waste of time for my Seller!

Mar 08, 2013 11:04 PM