Short Sale Hell!!! My first roadblock in a short sale process.....
I have been selling and listing short sales and foreclosures for a while now, and have had very good luck up until this week. I am representing the buyer in a purchase of an in-house short sale with another agent in our office. The seller signed the offer and it was presented to the bank and now the bank wants updated financials to support the short sale.
We all know that this isn't something crazy to ask for. When the seller was told today that he needed to provide this new information he refused and said that he had done enough and that the house could go into foreclosure and doesn't care.
You have got to be kidding me! Now I have a first time buyer that has found there dream home and is watching it go down the drain because of a lazy seller that won't take the time to send over the documents. We all know that the seller is in breach of contract for not provided needed documents to the bank, but what can you really do to the seller. They obviously have nothing to lose so going the legal route gains us nothing.
Find them another dream home you say...yeah I thought of that, but every house I show them will be compared to this one and will always be second best.
There is really nothing to that can be done except to hope he changes his mind soon and wait. The moral of the story is if you take a short sale listing please tell your client to comply with the bank and cooperate . I know it's painful but it is what it is.
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