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working these "LONG" short sales!

By
Real Estate Agent with Thompson Carr Real Estate

Well, as we Tennesseans start every sentence. I just had the most trying experience with one of the banks we are "lending" money to and a bank that must just be plain dumb about business.
I had not one, not two, but three contracts on one single vacation home in Gatlinburg with unbelievable views of the great Smoky Mountains and views of downtown Gatlinburg.
This was a short sale and I wrote one of these in January and one in February and received one in February from another agent. The first two buyers backed out from the fact that these two banks could not give me an answer in two months. Then after they backed out I got another contract on this vacation cabin and still the banks can't give me an answer. Now I have this buyer backing out.
What in the world is wrong with this picture. This property is going into foreclosure because the right hand does not know what the left hand does and everyone loses.
Suntrust who holds the 2nd and will get nothing when Chase forecloses, was holding out for more money. Someone besides me must think they have lost their minds.
I am glad that I live in a beautiful vacation area like the Great Smoky Mountains where dealing with this type of sale is not very often but I feel great admiration for those agents that have to deal with this type of sale daily.
My hat is off to you and when you have time come on up or down which ever it is and enjoy the lights of Gatlinburg or Pigeon Forge or just take in the breathless views we have in our glorious mountains.
Thanks for listening, Delores

Comments(3)

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Travis Newton
Salem and Bend Oregon FHA, VA & USDA 503.931.4490 - Salem, OR
FHA, USDA, VA, LOAN EXPERT - Salem OR Homes For Heroes SALEM OREGON

I worked one last year for 7 months!!!

Crazy!

 

thanks for the post

Apr 02, 2009 03:02 AM
Amanda Wilson
EWM International Realtors, Inc. - Fort Lauderdale, FL
Real Estate Advisor

Delores...come on down to South Florida-----over half the transactions are long short sales!

Apr 02, 2009 03:10 AM
Donald Wenner
Keller Williams Maplewood Mid-Town Direct - Florham Park, NJ

Delores,

First let me say, I have been to Gatlinburg, and i loved being there!  Those Mountains are amazing!

Sad to say with the economy in the state it is in, you may also be seeing more and more short sales

coming your way.  Good luck.

DW

Apr 02, 2009 03:17 AM