Loan Mods and Short Sales are frustrating but worth it

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Education & Training with Real Estate Expert Witness Support

Just had a couple of experiences that make life crazy in this SHORT SALE and Loan Mod market we are in. 

 

Let's start with the short sale.   I prepared the seller.  We priced the property well and got a real solid offer,  all CASH.  I have a very extensive checklist and the seller prepared all the docs.  I helped them prepare a well done HARDSHIP letter.  We sent it in.  The lender pulls the prelim and says,  there is an outstanding garbage bill for $230.  It must be paid,  they said, or we will not consider this sale.  So,  I went back and said,  here is a new contract and I will pay the $230 at closing.  No,  they said,  it must be paid upfront or we will not consider it.  Oh,  and since I made the mistake of actually double-ending the sale,  they will only pay 3% total commission.  I am not sure if this is just incompetence, revenge or what. Welcome to US Bank.  Anyway,  we are moving it up the chain and now speaking to a supervisor but who knows how this will turn out.  

 

 

 

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Guy Berry

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