Home : Blogs : Regiane Vigario : Regiane 's Blog

Short Sale Disaster!

No wonder the foreclosure rate is so high. I am trying to do a short sale and what a disaster. The banks never get back to you. I find myself twittling my thumbs at the banks mercy.My client does not want to sign anything. To top it off the other realtor does not understand the concept. My best advice when getting a listing is find out if they are either not paying there mortgage or about to go into foreclosure. I know it a sale but the hoops you have to go through really does not even out to my favor. Calgon take me away!!!

Posted by Regiane Vigario on 04/04/2008 08:20 AM

Comments (6)

6 Comments on Short Sale Disaster!

APR

2008

I am just gettinginto that. Have 4 contracts on Short Sales, and now today will start calling.

The whole thing is so sad. The banks are swamped and understaffed because of all the losses!! Hang in there!

Regiane, it does take awhile. You can expect 45-60 days before the bank approves a short sale. Sometimes longer. The worst thing to do is call the bank more than 1-2 times a week. You have to be patient, and be very nice or you won't get what you want. I do quite a lot of short sales now, and we have an attorney in our office that will handle the short sale on behalf of our client. It seems to work well. Be patient, and they cana be profitable.

I had one about a year and a half ago. The first was foreclosing and hter ewas a second as well. I got a good contract that got the first paid in full but the second was only going to get about $3500-4000 on a$30,000 balance. Long story short is that they wouldn't take it. I asked if they were going to step in and tke over the first which of course they weren't. But they wouldn't budge. The first foreclosed and the second got zip,zero,....

Regiane

It is harder to be ignored if you are face to face, If it is at all possible get to the bank or branch and speak to a live person ask them for their assistance in resolving "their issue". They are in the service business and it is harder for them not to service you request if you are sitting at their desk. I know that is not practical most times but try it if you can.. good luck

I just got one closed yesterday and it was SO HARD! It took over a week just to get a payoff. Good luck!

Kathy Fisher

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?