I FELL DOWN A SHORT SALE HOLE.............
WHAT HAPPENED............
I just closed a short sale that was started 14 months ago. If you divide the time spent by the hour, this comes under charity, community volunteer work. Having to hold onto my buyer, keep the seller focused and communicate with the bank just causes you to wonder. I have 14 months worth of stories would take 3 months just to explain. Resubmitting paperwork alone must have of caused a tree shortage somewhere.
THE BANKS MENTALITY........
The BANK was telling me we are in this mess because the seller defaulted. I explained the seller defaulted because the market crashed. It is a national problem and not just my seller. Her comeback, if your client would have kept his word, we wouldn't be talking now. I said if he still had a job, you may be correct. At some-point I became aware on where this conversation was going, so I went low profile. This was the tone of this transaction all the way through. My seller was wrong and the bank was an innocent victim.
BUYERS FEELINGS GET HURT.......
The bank doesn't realize that by moving so slow, it interprets to we don't care about you or your money. My buyer became offended because they were not getting a timely response and started to take it personal. So, I had to hold my buyers hand while dealing with the banks indifference.
WHAT I DID ABOUT IT..........
Three BPO's later and then one day, I wrote a letter to the bank stating that I would be very pleased if you do not go through with this deal. I am losing money here, It is consuming a lot of my time and I could have closed my buyer on another deal. So please tell me whether we do or do not have a deal. Thirty days later it closed after re-signing and resending all the paperwork (again).
HOW I MADE A DIFFERENCE......
I finished what I started and documented it all the way. I wrote our two State Senators on the plight of foreclosures and how it affects everyone. I thanked my buyer and put them in for Saint Hood for all their patience. My experience plus thousands of others...... is what will be bringing much needed change this April 2010 on these transactions.
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