Issues with a short Sale

By
Real Estate Broker/Owner with HUNT Real Estate ERA

I have a property that went under contract the first time a year ago October.  The property has a pay-off of about $300K.  The bank involved is Soveriegn.  The offer was about $275K. The house had an appraisal value last year of around $320K.   The sellers were prompt in their paperwork and were lawyered up.  We continuously complied to the banks request for information ,  but time kept dragging on without an acceptaqnce from the bank.  At around the 4 months mark,  the buyers gave up and the sale fell apart. 

I put the property back on the market and got another contract,  this time for $280K.  That was in March; here we are in August and guess what , the bank still can't decide whether to accept this offer.  It's quite flabborghasting!

To me it's such a crime that the bank has so little regard for the sellers or people in general. There just ought to be a law!

 

Comments (0)