The "Lucky Buyer" Short Sale approved by lender for LESS than offer price

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Real Estate Agent with REMAX of Valencia/Santa Clarita CalBRE# 01729357

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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California Short Sales, REO's, and Foreclosures
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Tags:
wachovia
short sales
short pay
negotiating short sales
short sale approval letters

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Ambassador
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Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

What a gift! 

But, I'm not sure proper steps were taken. The fiduciary duties are for the sellers and one of them is to protect them from any future repercussions that may come back to them. . the buyers were already prepared to pay the price.. 

Mar 20, 2010 11:46 PM #1
Rainmaker
421,682
Stephen Arnold
HomeSmart Elite Group - Scottsdale, AZ
CRS, GRI, SFR

Hi Lauren!  Everyone makes mistakes and it looks like this is what happened?!  I agree with Fernando on the chance of possible problems down the road...

Mar 21, 2010 02:11 AM #2
Rainmaker
918,639
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
RealtorĀ®, Springfield Mo Real Estate

I'm with Fernando on this one.  I would be afraid the bank will come back on the seller.

Mar 21, 2010 12:30 PM #3
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Rainer
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Lauren Nemeschansky

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