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Shortsale mess

By
Real Estate Agent with Exit Team Realty

I just got an approval on a property that I've been negotiating with the bank for almost a year. The shortsale was previously approved in December but because of the holidays and the rains in California, we were not able to close on time.  So the bank denied the extension of 10 days and the property fell out of escrow.  We submitted the shortsale for approval back to the bank and almost 2 months later it got approved.  After having to do another appraisal on the property because it was a new file, my question is the following:  Why would a bank not give a first extension of 10 days instead of having to do a new appraisal and having the property on the market with out any payments for over two months?  The answer is simple...we are dealing with a bank, an organization, and not a logical person who would otherwise approve the extra 10 days and get the property off their books.

 

 

 

 

 

Comments (2)

Ryan Frost
Compass Lending Solutions, LLC - Draper, UT

Seriously. They approved it before, why would you not give a 10 day extension. I have seen good posts on active rain from Short sale experts, who have posted quality contacts at different banks. If you ever run into this again try looking into that, because it definitely is good to know the right people.

Feb 23, 2011 06:43 AM
Camilo Romero
Exit Team Realty - Tustin, CA

Thanks Ryan for the post.  I will look into that.

Feb 23, 2011 07:47 AM