I know, I know, it's hard to believe that Short Sales still exist - but they do.
In this case, two lienholders.
This is the second time down the pike.
We received the approval letter from the second lienholder a couple of weeks ago.
The first time around, the first lienholder took far too long and "mishandled the file" (their words not mine).
The Buyer's circumstances changed and at the point we had the approvals from both lienholders, they were unable to continue.
C'est la vie. (Tha's French - I think!)
Back on the market, knowing the magic number the lender … (6 comments)
escalation: It's time to get rid off "Get out of jail free" cards
- 02/03/10 12:53 AM
Yesterday I wrote a post Inspection? - or - DECEPTION! that discussed what happens when Buyers don't visit a property before they write a contract, and Buyer Agents fail to observe the most obvious of "red flags" until much later in the transaction. The Buyers in this case assumed that they could behave in this manner AND get a refund of their earnest money. Here is a copy of the letter from the Seller to the Title Company contesting the refund of the Earnest Money to the Buyers.
February 1, 2010 Earnest Money – Contract between Seller and Buyer dated October xx, … (88 comments)
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One of our listings is a Short Sale.
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