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Another Two Lender Short-Sale Nightmare

By
Real Estate Agent with Remax Professionals Laurel MD

When I am researching properties for my clients in Laurel Maryland, part of my process is to call each listing agent.  Because there are four different types of listings, each one needs to be researched to see if it is worth showing my client.

If the home is a foreclosure and is in decent shape, I will show it to my client.  Ofcourse if the home is a normal sale, it will make the "cut".  In the past I would not show a short-sale because it took too long to get that deal done.   Sometimes months.

However, I have since learned that some short-sales are better than others.  Both banks and real estate agents in Maryland have become more skillful in processing the short sale.  For this reason, I now show and right on short-sales in the greater Laurel Maryland area.  There is one exception to this rule.

Any short-sale with two different lenders tends to take two long to process....more than likely several months.  This was brought home to me again yesterday as I searched for homes in the Prince Georges County Maryland area. I was looking between Laurel and Hyattsville Maryland.

One of the listing agents I was speaking with told me his short-sale listing already had an offer on it.  The problem was the buyer and seller agreed on the contract back in October.  The secend lender had not agreed to a deal that was ratified four months earlier!  He was hoping to have an answer today. 

Good luck!

Banks are making progress in many areas, but in Laurel Maryland banks still need handle the two lender short-sale in a better way.

For more information on Maryland home sales, visit Maryland real estate.

Posted by
I have been selling Laurel Md real estate for over 20 years.  I enjoy working with both buyer sand sellers.  
I have knowledge of numberous first time home buyer programs. I look forward to helping you find your
Laurel Md home.
 

Brien Berard

Remax Professionals

www.mymarylandcastle.com

brienberard@mymarylandcastle.com

301-604-0198

   
Alan Gross
PrimeLending, A PlainsCapital Company, Equal Housing Lender - Bethesda, MD
Loan Consultant

From what I have been reading it's not just whether or not there is one lender or two, the lender itself can make a big difference. Some are good, some not so good. I have a short sale loan closing next Friday. Both the first and second were held by Chevy Chase Bank. It took six months to get the approval done. An, of course, once it was approved Chevy Chase put a short window on getting to settlement. The appraisal hadn't been ordered because the buyers, understandably, didn't want to spend the money until they were sure they had a valid contract. We're on schedule for Friday.

Feb 07, 2009 03:02 AM