I just came back from a real estate seminar yesterday where I happened to have lunch with several realtors from all over the country who I met there. We exchanged ideas and information about the real estate market and issues in real estate. Of course when I told them that I specialize in negotiating short sales for both my own clients and other Realtors in the Los Angeles area, a discussion about short sales and needed changes in the process arose. One gentleman told me a funny story about a short sale that he just completed where the banker at Wachovia Bank was so disorganized that he sent him a full short sale approval letter for $20,000 less than the offer price already submitted to them. The buyer was just thrilled with the news and they amended the contract to reflect the bank's "generosity." The short sale closed without any problems at that new lower price, chosen by Wachovia. He then asked me if I had ever experienced anything like that with a bank, in all honesty I told him, I never have.
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