Another call came in the other day from a lady from California who wants to short sale her home in the Cape.  I asked her the standard questions about her financial situation, information about the house and how far behind in the payments she is.  She is quite a few months behind in her payments and doesn't know what she is going to do.  I explained to her that the bank would require lots of financial documentation beofre they would consider a short sale as well as a hardship letter explaining why she can no longer afford the home. 

She paused for a moment, then said her hardship was that it took the builder two years to build the home.  I was a little shocked at the answer, so I questioned her a bit more.  Again she went on about about the time it took to build the home all the while she was making payments.  I asked her what was her intention for this home when she decided to build it.  She said she was going to flip it.  Pardon me for being blunt, but I asked what had changed. She said the market has changed.  Again I asked if that was indeed a hardship or perhaps a poor business decision?? 

I am confused as to why a bank should take the hit on a bad business decision versus someone who really has a hardship such as medical, employment or family situation.  She was quite insistant that I at least try to short sale it.  When I got to asking how i could get a key for this home, she said she never had one.  The builder didn't give her one.  She wanted me to call them.

 Guess what!  The final draw was never paid to the builder, the construction loan was never converted to a conventional loan and now the builder has a lien on the property.  So in order to show this home, I would have to make all showings through their office, between 9-4, Monday-Friday only.  When there are over 2000 homes available in the Cape without showing restictions, why would someone want to look at this one?  I decided this was not something I wanted to get involved with. 

Short Sales are difficult enough without all the added extras, like a seller who really doesn't have a hardship and a home with a lien.  No thanks, I'll pass.