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Short Sale Listing, Not Any More !!

By
Real Estate Agent with Keller Williams Group One, Inc.

So we take a short sale listing last year, do all the work to market it, find a buyer, get in contract and away we go. We upload the deal on the new equator system, our seller uploads all her information and now we wait. BPO is completed quickly, negotiator is assigned and we are feeling good that we are well on our way. Weekly calls and e-mails to check status but never great updates, just it is going through the process. Seller keeps getting calls about the past due loan, seller explains the home is in short sale and on equator, the answer from the lender always is, Oh yes I see that, I will note the file. Then after ALL the work, we get a call from a bank owned listing agent that the home was foreclosed on a few days ago and she has been assigned the file. Yes I was very mad at first but then I have to say I'm not surprised because of the bank that held the note, So sad for the seller and So sad that the bank just doesn't get it !! Good sellers trying to do the right thing and the bank just does NOT care. Well, we do care and we will move on and fight for another short sale approval, But I will be asking 3 times a week, not just one time like before- Have you postponed the sale date yet?? I know I asked you that last week but just not sure if you heard me !!!!!!     

Dan Tabit
Keller Williams Bellevue - Sammamish, WA

Mike & Belinda, How frustrating. We have a habit here of naming the bank, but I have a good guess who.  It's hoped that bringing shame on this American institution they will get a clue and fix the mess.  Best wishes with your future attempts. 

Mar 26, 2010 12:13 PM
Stephen Arnold
HomeSmart Elite Group - Scottsdale, AZ
CRS, GRI, SFR

Ouch.  I really hate to hear stories like this!  It is sooooo important to keep tabs on the foreclosure sale date!

Mar 26, 2010 12:14 PM
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
850-476-4494 - Pensacola, Pace or Gulf Breeze, Fl.

I have not seen that in my market. I would be POed myself. Once under contract I call everydaytill I get a named negotiator. Then I fax everything to him or her and follow to see they have it. My buyers come in no less than 50 to 60K off what the bank is owed. Reason being is a negotiator told me that the bank will automatically take $35K off for the attorney fees and then about 10 to 20% from that. I don't know it for a fact but I have been pretty successful at it. 5 to 8 a month and carry about 14 in waiting.

Mar 26, 2010 01:27 PM