Today I had to take down my yard sign, remove my lockbox from the door and terminate the listing in the multiple listing(MLS). You might ask, why? The bank just informed me that they have taken over the house and will be working with it through their agent.
Yes, the seller was behind on her mortgage payments and we were trying to sell it as a "short sale." In other words, for less than the outstanding loan balances. I believe we did a courageous job! We had two offers, one contingent on the sale of another property which didn't sell and then one that was subject to a home inspection which incorrectly brought up issues that were not true and it cancelled.
Time had run out for us and the seller! It was sad but it is a situation that is happening all over the country as we work to dig out of the economic depression we are in.
For information on "short sales," either call me or check out this site, The Basics of Short Sales.
Comments(2)