Dealing With Lender Lock Changes on Short Sale Listings

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Real Estate Agent with SanDiegoHomes.org CA BRE# 01068214

Lock changes, such the one illustrated in this post - http://activerain.com/blogsview/932337/LOCK-CHANGES-ARE-KILLING-THE-SHORT-SALE-BUSINESS, are not uncommon. However, if the property has not been abandoned and the bank changes the lock, they just did you a huge a favor.

If the locks are changed on a property where the seller has previously made the lender aware that they are pursuing a short sale, have the seller's attorney (if they dont have one, then you have already made your first mistake) send a letter to the lender or loan servicer addressing the issue with regard to their (the lender or servicer's) interference with the seller's right and intent to sell the property, and the bad faith on their part to negotiate a short sale.

This has happened to us twice, and both times after the lender was faced with addressing the issue of bad faith, they expedited the negotiations.

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Topic:
Real Estate Sales and Marketing
Tags:
short sales

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Rainer
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Kevin Cooper
Cooper & Associates @ Keller Williams Realty - Elk Grove, CA

Excellent information.  Thanks

Feb 23, 2009 10:59 PM #1
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Rainmaker
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Bob Wilson

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