Worst Scenario in a Short Sale

By
Real Estate Broker/Owner with Heart Realty Group, Inc.. IL-471.002355

As a short sale processor we real estate brokers have a lot of challenges.  Collecting a variety of paperwork, dealing with unreasonable bank deadlines, above market BPO's, and the list goes on.

So when I had an offer on one of my short sale listings in a relatively short time span, and the servicer was really quick in approving the homeowner into one of the better short sale programs, I was floored and totally taken aback when the homeowner refused to sign the offer!  This was the 2nd time that this had happened and they had sworned that they were through in searching for other options since their foreclosure date was eminent.

Despite all my explanations on what the consequences of their actions, the homeowners stopped taking my calls, never answered my emails, answered the door,  nor did they sign the letter that I sent, so that I could cancel the listing which they requested!

Questions

This is a scenario that I had not experienced before.  How do you make sure you cover your fiduciary responsibilities to someone that refuses to speak with you or thier attorney?  Short sales are difficult enough without having those that you are trying to help turn on the process.

Unfortunately, the servicer closed the file because the homeowners' stopped cooperating which was spelled out by the program.  With the closure of the file by the bank a short sale is no longer possible.  The home will be sold in a couple of months as just another foreclosure.  No one wins in this scenario but how can we, as realtors, prevent this?

Posted by

Evelyn Santiago

Managing Broker - 630-251-0059

Heart Realty Group, Inc.

We are Passionate About Real Estate!

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Groups:
Running a Brokerage
short sale specialists
Tags:
short sale agents
short sale issues
uncooperative homeowners
home sales in oswego il

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Evelyn Santiago, Managing Broker Heart Realty Group, Inc.

Passionate About Real Estate & Our Clients!
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