I marketed the home for 6 months, two low offers, limited showings.
The client elects to do a short sale. I contact their attorney. He approves the move.
I get an all-cash offer, $5,000 over asking price. I submit the package to the first and second lienholders. The second reduces their $160,000 second to $16,000 within 10 days of submission. Well alrighty for Wells Fargo!
The first, Chase Mortgage, takes their sweet time. Forget about Directive 09-09 HAMP. They're ignoring it. Six weeks later and dozens of messages, emails, letters to her, still no call from the negotiator. I call again. I'm told my sellers, unknown to me, have filed for Chapter 7 bankruptcy relief. I contact their attorney who screams at me, "It's none of your business!" The clients are weeping on the phone, "We were told by the attorney this wouldn't affect our short sale!"
Now I hear B of A is stepping in to the middle of an ongoing short sale and paying the sellers $7500.00 to give a deed in lieu of foreclosure, freezing agents out of commissions and bypassing any agreements. Buyers are being shoved aside, agents too.
Why in the world would any sane person go near a S.H.O.R.T. SALE?