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48 Comments on No Short Sale For You!!!!
BB- I feel for you, I had a deal go south today too. I might be facing my first month without pay if I can't resurrect it. :(
By the way, that pool is the same color as TLW's toe!
TLW: You're worried about a size 7? Goodness..how short tall are you? Okay...I'm just trying to justify why my height at 5'6" makes a big difference in why I am able to eat a bunch of brownies like you LOL!
BB: Three years????? Wow.
I ache for your sellers.
BB,
You are a professional with an admirable work ethic - it is frustrating that loss of control over the outcome of your hard work as well as the effect on your customer or client.
(I am a control freak and short sales make me insane.)
BB, I have yet to jump into the arena of short sales but planning to do so soon. Thank you for the advice.
Short sales are the smelly armpit of real estate that's for sure. It sounds like your bank was on board and they are usually the problem. I'm sorry for your seller and I hope she realizes you did all you could do in this situation. It looks as though the buyer had cold feet and was looking for an out.
Bryant - What a disappointment! I empathize... You did your best. Next!
That is horrible! I hate them too. I'm fighting right now to hold a commercial sale together...that should have been a piece of cake. It is sooooooooooo frustrating and nerve wracking. I know the sellers are heartbroken also. NEXT TIME! GBU!
BB - I haven't had a short sale yet, but I had better start learning about them, because I want to service my market area and the chances are that this will occur at some point. I'm sorry to hear about the loss of your sale at the last moment. How sad for your sellers and you.
BB,
I have a similar one right now going on 4 months because of the banks stupidity and loss of everything. Now we went to court and the attorney suing didn't show up which was great but that still doesn't mean they can't call it in tomorrow. Now we just lost two buyers. We got the verbal approval on Thursday. I rush to call the first buyers agent...he seemed like it was possible to get the buyer back but until we get the written approval we ain't doing squat. Meanwhile as of Friday...no answer...no buyer...no nothing.
Hey guys. Thanks for stopping by. Short sales can certainly be a big pain in the rear end BUT as a listing broker I have no option except for to get better at them. They are a HUGE part of my market and I feel will become much more prevalent with the "bail out package" that was passed.
Plus there is a really good feeling that comes with helping a seller out that is in this position. Working short sales is very satisfying.
Now when I'm working with buyers I do not like short sales at all.Mainly because I don't have control over the transaction. So I certainly understand why buyer's agents do not want to show them. The solution of course is for me to price them low enough that they are too good to pass up AND to get a reputation of being able to get them approved.
Neal, You have to real careful that you have written approval PRIOR to letting the buying side know it'd been approved. I know from experience that the approval may come back with changes made from what was submitted. For example...closing costs contributions and commissions.
Bryant: This sucks! It's not too often you get the approval from a bank only to have things fall apart on the buyers end. Better luck next time. And good for you for not letting this get you down.
Wow! That really does suck. I have just started my First Short sale and have be nervous about it from the first page. It began with working on the much needed package from the lender, surprisenly after getting all the signed paper work from the seller i was able to get the first round of paper work by 1pm today. That was just 4 hours of going back and forth with people and being put on hold. Luckily my office is the corporate office also and I have 2 principal brokers to assist me that both have been in the business over 30 years. I basically need my hand held for a time until i get a better understanding of these. We were working with other companies that did more of these but have found that we might as well start doing them ourself here.
Great to read your blogs agian Bryant.
BB - Well there were some valuable lessons for all of us in your post. As they say, it ain't over til it's over, or one of them variations on the them. Much appreicate the learning but feel badly for you, your client, AND TLW!
Jeff
BB- I am getting my first lesson in shorts sales currently. Thanks for the story and I'm so sorry for you and your client.
This seems to be happening all too often! It's really sad that a buyer missed out on a great opportunity and that the seller's went into foreclosure :(
Oh Broker Bryant! I am so sorry- I strongly dislike when we have done right and it still goes horribly wrong. But as you said- you win more than you lose. Your market is in serious trouble. It is a little better in this part of Osceola county I am happy to say- but we still play "Beat the Bank" every so often.
I've negotiated many short sales and everyone is different and it all depends on who you get at the bank from my experience. To date, I've only lost one to auction and I found out it was because the bank had an insurance policy and were never really planning to let it go to a short sale in the first place.
BB - Short sales are extremely challenging... even when they work out.
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