S.H.O.R.T. sale: SuperHardOutrageouslyRidiculousThingtodo sale.

Real Estate Agent with Berkshire Hathaway Home Services Montana Properties

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?

I'm listening....,

Comments (2)

Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

That's a great question. I went near them in early 2009 and learned my lesson, too.

As two of my close friends have proven, bankruptcy can be a very viable tactic to keep one's home. Generally bankrupty will discharge all that unsecured credit card dept but allowed you to keep your home, car, furnishings, clothes, and other personal effects as long as none of them are extravagant. When all your unsecured debt is discharged, you can then afford to pay your mortgage and keep your lovely home. At that time, you'll also be inundated with new offers from banks, credit card companies, and car companies for new credit. It's strange but certainly a good tactic in some situations.

Jul 13, 2010 01:41 PM
Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

Just checking out who from Montana is a member here at AR.  Seems like more and more of my clients are starting to look south for real estate bargains.  Feel free to visit or a leave a comment on my lethbridge real estate blog,

Robert May

Jul 28, 2010 05:23 PM