I just sent the following email to a short sale processor that had been handling an offer from my Buyers:
"We were very surprised to hear that the lender approved this offer. We had assumed it was dead on Aug 9 when the Buyers declined the lender's counter-offer. As I had indicated at that time, because it took so long for them to respond, the buyers had since found another property of interest and they are now in escrow on that. Consequently, attached is the signed cancellation.
"I know that it seems to be accepted short sale practice, but you might want to provide the feedback to the lender that waiting 2 months for a response to an offer is simply not a good way to conduct business, especially when offers that Buyers submit to other Sellers are typically responded to in 2 days. Also, it didn't help when the Loan Adjuster countered the Buyer's $315,000 offer at $355,000 to a home that had been listed for $325,000."
This sale could have closed escrow a month ago, but will now go back on the market as a failed escrow after having been tied up for over 2 months waiting for a reply from the lender. The price will probably have to come down, since it will have the stigma of having been on the market so long without selling. To add to the frustration, the Listing Agent was from out of the area, did nothing but put the listing on the MLS then hand it off to a third-party short sale processor to deal with the lender, and has not been in communication since the day the offer was submitted.
Fortunately, my Buyers have since found another condo they like and escrow is proceeding quickly, as it should!
Peter Nielsen, Peter@MarinRealtyExperts.com
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