As some of you Short Sale Realtors have found, many banks are not as open minded to releasing deficiencies (difference between what is owed and what the lender collects) as they were in the past. (Countrywide who is now BOA) Bank Of America recently established a zero tolerance towards negotiating their Short Sale approval letters. The new language is a follows: "BAC Home Loans Servicing, LP and/or its investor may pursue a deficiency judgment for the difference in the payment received and the total balance due,..."
This language is a little unsettling for sellers who were told that … (2 comments)
Realtors hate saying no; we are in the yes business. In the past, saying yes was not a big problem. If an agent wanted to "buy the listing" (tell the seller what they wanted to hear to secure the listing), the greatest harm done to the client, was the disappointment of selling for less then promised. Not the best practice by Realtors but it was done to get their sign in the yard of attractive homes. An agent would get buyers, a neighborhood presence and maybe even sell the home after a few price reductions.
Now in a Short Sale, … (3 comments)
bloomfield: Short Sale Realtor tip #7, Don’t Forget to be Nice, Bloomfield, MI
- 04/28/09 01:10 PM
Recently I heard another agent yelling on the phone with a loss mitigation rep for a short sale. She was screaming “you better take this offer or your bank will go under and you’ll be out of a job”. Well in a few weeks, the home was foreclosed on and the agent was out of a sale. It is not their fault that the mortgage terms were unfair, or that borrower can not pay the loan anymore, they are just hired to make the best of the bad hand that was dealt. They do like being yelled at, criticized, or bad … (43 comments)
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