Any of you that have worked Short Sales with some of the Major Banks will identify with this problem. It is a game of hurry up and wait. The lender will often let us wait for weeks without giving us an update on the Short Sale. Then they will give us an order to produce a document and give us 24 hours to produce the document with the threat that if we can’t produce the document in their time frame the Short Sale will be denied and we have to start all over again.
The divisions within the Bank do not communicate with each other. We were scheduled to close an approved Short Sale on Friday. The Title Company did a last minute check and found that the Bank had foreclosed the property the day before.
We had it under contract for $440,000. Now several months later the Bank has it listed it for $340,000. This does make it easier to understand why the big banks have to be bailed out.<!--EndFragment-->