Short Sales - Just when I thought I've seen Everything: You're never going to believe this......
For those of you who follow my blogs, you'll know I have a high degree of fluency with short sales.
On one of my short sale condo listings, I had a buyer cancel escrow who just simply changed their mind. Part of that was due to the fact that there was another unit in the building that is an REO listing, that during the middle of my escrow, got reduced to about the same price range as my short sale that was in escrow.
Since it is a slightly larger unit, it made the buyer feel that perhaps they should be buying that one (although it honestly is not a better deal since my listing is a top floor unit with inside laundry)
Nonetheless, I was able to find another buyer to step in at the same purchase price as the old escrow, who is all cash.
Things are going great. I was able to get revised approvals for the new buyer and we're headed towards closing in the next 7-10.
Then the bombshell happens. The listing agent on the REO listing drops the price below what the purchase price is on my unit!
This really urked me, and sort of made me feel that my listing was being "stalked" by the other listing agent in the building.
Don't ask me why, but something told me to pull title information on that other unit.
Here's the twist:
Who do you think the bank is on that unit that has been undercutting my short sale TWICE?
You got it.
IT'S THE SAME BANK AS MY FIRST LENDER ON MY SHORT SALE!!!
At that moment I needed to make a mad dash for my swimming pool, because, I WAS ON FIRE!!!
I instantly called the bank and made them aware of this to see if there was any communication between the short sale division and the REO division to see if they had authorized this, or if the listing agent was just going ROGUE and changing the price unilaterally on their own.
They told me they would bring the matter to the underwriter's attention and have them contact me.
And here's the cherry on top: THE APPRAISER NEVER SET FOOT IN THE UNIT - read about that in my blog post entitled: "So get this: My BPO bank appraiser shows up today, and it's not really the appraiser......"
CAN YOU BELIEVE THIS??
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