Short Sale - OH ME - OH MY!

By
Real Estate Agent with Coldwell Banker Kinard Realty

I am currently working a Short Sale. It is not the first one I have done but, as with everything else it appears the rules are changing as each one is being done. I actually did my BPO before listing the property and based it on a price driven market which we are so in right now.

I have been receiving calls and showings on a daily basis as well as I am expecting two possibly 3 offers today. Which shows me I am right on the mark right?

Then yesterday I receive an email from the Lender telling me the Seller has been approved for a Short Sale but, I am now being told I need to increase my sales price to allow the Lender to receive x number of dollars and I am being given a certain number of days to accomplish their bottom line or they will proceed with the foreclosure.

The reality is when I increase the sales price the calls and showings will stop!  Additionally when I have completed Short Sales in the past the rule was the Seller could not receive any funds what so ever at closing. Based on this email the Seller will receive money at the closing if it closes by the Lender Deadline as well as if we can't meet their deadline the Seller will receive money to walk away.

Once again I say: "Short Sale - OH ME- OH MY!"

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Rainmaker
166,314
Home Design
Alpharetta, GA
Home Design and Real Estate

Very tricky situation Paula.  When are these going to get a little easier for us??  Good luck!

Mar 10, 2010 11:16 PM #1
Rainer
19,342
Paula Roberts
Coldwell Banker Kinard Realty - Dalton, GA

Jennifer, very good question! I'm sitting here shaking my head as we speak. I just got a call from one of the potential buyers. Were meeting at my office to write up offer number one so this really ought to be interesting!

Mar 10, 2010 11:18 PM #2
Rainmaker
526,928
Dr. Stacey-Ann Baugh
Century 21 New Millennium - Upper Marlboro, MD
A doctor who makes house calls.

Good luck.  Maybe once the bank sees offers they will be more willing to negotiate a realistic price (We can dream right?).

Mar 10, 2010 11:20 PM #3
Rainer
19,342
Paula Roberts
Coldwell Banker Kinard Realty - Dalton, GA

Oh I am so dreaming! Based on the verbal amount I just received to write up the Lender better hurry and get on the same page!

Mar 10, 2010 11:25 PM #4
Rainer
19,342
Paula Roberts
Coldwell Banker Kinard Realty - Dalton, GA

Just got call from second buyer with offer so that's two out of three and it's not even 9:00 am. Im going to look at this situation on the positive. Two of the Three offers are my list my sale so if I can't get the Lender on the same page it will be a good thing!

Mar 10, 2010 11:44 PM #5
Rainer
19,342
Paula Roberts
Coldwell Banker Kinard Realty - Dalton, GA

Update on my Short Sale situation. I received email from Lender yesterday. She told me I have no choice but to move the price up. I can submit the offers and in 30 days we will review the listing as well as provide additonal comps to determine where to go next. I will be submitting the offers today but, my guess is they will not be accepted. Lets hope I'm wrong and in 30 days this is all just a memory.

Mar 11, 2010 10:50 PM #6
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Rainer
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Paula Roberts

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