One of the interviews I gave last week was to Kiplinger Magazine. I spoke to this reporter a while back for an article about home selling. But this time she wanted to talk about short sales. You know, I'm glad I made her chuckle, but the following is all true, and every short sale agent knows it; even though few really want to admit it. Here is part of our conversation (and no, I am NOT making this up):
Kiplinger: So, what happens after you send the short-sale package and offer to the bank?
Elizabeth Weintraub: The bank loses it.
Kiplinger: OK, after you send another package, what happens when you call the negotiator?
Elizabeth Weintraub: Nothing because the negotiator's voice mail box will be full.
Kiplinger: After you get the short sale approval, then what happens?
Elizabeth Weintraub: The buyer's loan docs expire, so we order new loan docs and go back for an updated short sale approval letter.
Kiplinger: When you get the new approval, then what?
Elizabeth Weintraub: Then the bank decides it wants more money.
Kiplinger: After you reach a final negotiation with the bank, do you close then?
Elizabeth Weintraub: No, because by then the buyer walks away from the deal.
Look for the article in Kiplinger Magazine in February of 2009.
Photo: Big Stock Photo
The Short Sale, by Elizabeth Weintraub, coming from Archer Ellison in January 2009.
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