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Some days the dog, other days the hydrant

By
Real Estate Agent with Keller Williams Elite Realty

Do you ever have one of those days?  You know, where you wonder why you do what you do?  Of course, working on short sales make that type of day almost a common occurrence.  I have a short I have been working on for 6 month.............that in itself is ridiculous.  After hundreds of hours working this file, I finally have an agreement with the lender.  They want $2000 from the seller and the refund from her prepaid escrow for her homeowner insurance policy.  The bank is taking over a $125,000 loss on this property.  The seller is not happy about the lender taking the balance of the refund from the insurance.  She needed to think about it.  Over the weekend I went to the home in Lehigh Acres Florida to discover that the outside a/c compressor had been stripped for scrape metal.  As a matter of fact, the entire neighborhood was hit and all of the compressors are gone.  Now she will have to file a claim with the insurance company and that will cost her $1000 for the deductible........That alone is going to ruin the short sale as she claims not to have the money.  She won't sign the bank's agreement.

Next up, another short sale that I received two offers on this past weekend.  I was having difficulty reaching the sellers.  I finally was able to reach the wife who told me her husband was out of town and did not have access to a computer.  He would be home on Thursday evening, would sign and send the paperwork along.  Today I talked to wife again and was informed they are having 2nd thoughts about the short sale.   This home has been on the market for 63 days.  They have decided to file bankruptcy on everything per advice from their attorney. 

Some days I feel as if I should be able to claim my time and expenses as a volunteer.  I am going to pursue other avenues and get out of the short sale thing.  Too much time and energy is spent and even if you do get paid, the bank cuts your commission.  They should pay twice the commission for all of the time spend talking to the bank, faxing documents back and forth and dealing with all of the people that need to be informed. 

Anyway, I look forward on working on equity sales and foreclosures that don't require nearly as much babysitting.  Something to ponder.....why can a lender let you go into debt for a 30 year mortgage in a matter of hours, but if you can't pay, are behind, have a major hardship and no assests, it takes 4 months or more to let you out??? 

Chin up, I will feel better next week............Jackie

 

Comments (5)

Konnie Mac McCarthy
MacNificent Properties, LLC - Cobb Island, MD
Broker/Owner - VA & MD "Time To Get A Move On!"

this is true...short sales are a real challenge...I don't know why these banks don't cut to the chase, and sell these homes before they become foreclosures..

Jul 18, 2008 01:21 PM
Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

I had one that started the latter part of last October...without going into detail...the buyer told me tonight that even at the rediculous price (less than half of what was owed) that he offered on last fall...it certainly wasn't worth it now...he's wrong, the comp's are still at 40% more than his offer that was accepted...he's not cooperative...going to loose his deposit...staying away from these things...the customer's end up being mad at us agent's and not the system which we cannot control.

Jul 18, 2008 01:25 PM
Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

Jackie, my friend...why don't you put some link's to yourself so people can find you...such as:

www.JackieNary.com ...or something like that...   :-)

Jul 18, 2008 01:26 PM
Linda Coen-Cushman
Coen-Cushman Real Estate, LLC. - Fort Bragg, NC

Jackie,

Hang in there.  You are living in paradise even though you don't feel like it right now.  Half of us would love to be there right now just to be there.  You should wake up each morning and say "Linda is jealous today because I live like I am on vacation".  lol!  Seriously, when it gets like this something great is just around the corner!!  Take some time out somewhere each day for YOU even if it's just sitting in your car sneaking an ice cream treat in the Baskin Robbins parking lot!!!  Probably should pick something healthy that would be more beneficial though.  (Throw some granola on the ice cream)  After your ME time you can jump back into things.  Things will go your way!  Yes, we all have those days...........You put on your Vanna White smile and your Ms. America wave and keep going.  lol!!!

Jul 18, 2008 01:37 PM
Sean Allen
International Financing Solutions - Fort Myers, FL
International Financing Solutions

Hey Jacky,

That is a great title to the blog. SW Florida seems to be 90% shortsales.

Sean Allen

Jul 18, 2008 01:49 PM