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Sliced and diced with a Short Sale Ginsu!

By Lyn Sims

Real Estate Agent

October 26, 2011 09:52 AM

Sliced and diced with a Short Sale Ginsu!

short sales, I'm very disappointed at the current set of circumstances with one of my short sale listings. I recommended a short sale negotiation company here in my area that will take care of most of the short sale details. The sellers attorney chopped them up with his 'Ginsu' and has taken over control of the current contract. His recommendation? A short sale 'team' at the local title company of which he is a member.

Wouldn't find that all so terrible if:

a) I or anyone else ever had a closing at this title company (mostly obscure name)
b) there is no track record of this 'team' at the title company (but they've been around a year he tells me!)
c) I'm now concerned because not having a track or completion record with other short sale attorneys is realllllllyyy bad!

I've explained all my concerns in great detail to the seller yesterday and his response was 'I thought it would make for a seamless transaction'. Yes, I'm sure it would. It could also be 'dead' from lack of bank negotiation skills.

Nothing I can do, just sit back and enjoy the ride whether it be on a roller coaster or hell's highway until the closing.

IF there's a closing ........

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Don Sabinske

Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN

Sabinske & Associates Inc.

There might be a conflict of interest there.....just saying.

Oct 26, 2011 09:55 AM

Marcia Kramarz

Re/Max Executive Realty - Medway, MA

CDPE,LMC,CBR

Let's hope it gets to close and easily - Sliding by trouble - I'll keep my fingers crossed

Oct 26, 2011 09:57 AM

Jesse Coffey

Roseville Real Estate Agent | Lincoln Real Estate Agent | Rocklin Real Estate Agent | Granite Bay Real Estate Agent - Roseville, CA

Trust in Experience and Proven Results

Many of our local title companies are offering similar services with great success. These are well know title companies. I am closing a short sale listing on Friday that was negotiated by my title company. It was a great experience. There was no attorney involved who was potential benefiting. Hopefully your transaction goes as smooth as mine.

Oct 26, 2011 09:58 AM

William Feela

WHISPERING PINES REALTY - North Branch, MN

Realtor, Whispering Pines Realty 651-674-5999 No.

I agree with Don. also...if it sells, will yoiu get a commission?

Oct 26, 2011 12:07 PM

Lyn Sims

Schaumburg, IL

Real Estate Broker Retired

Bill & Don: Possibly, let's see if there is a disclosure ever done.

Jesse: Glad to know that someone has had a positive outcome. Thanks for adding that.

Marcia: I've worked pretty hard so far with 3 different offers that were on, then off, then on, then gone, then finally one was on.

Oct 26, 2011 12:49 PM

Marti Steele Kilby, CRS

Steele Group Realty - La Mesa, CA

Broker/Owner, San Diego, CA

Wow. We don't have to work with an attorney here in CA, but it sounds like he just pulled a fast one. I do a lot of short sales and I either work with an experienced negoitator (as you had suggested to your clients) or I do it myself. Having a third party jump in and take over my deal would really rub me the wrong way! Good luck!

Oct 26, 2011 12:55 PM

Joe Kenny

Realty Executive Midwest - Darien, IL

Better Than Your Average Joe

Lyn, I didn't know that Dewey, Cheatem and Howe had a Schaumurg office. What ya know about that? It's a good life.

Oct 26, 2011 02:22 PM

Joe: Yes I am familiar with their local Schaumburg office.

Marti: That's how it was supposed to go.

Oct 26, 2011 11:24 PM

Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES

Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL

Florida Waterfront and Country Club Living

Lyn, as if short sales were not already stressful enough now you have to deal with this uncertainty and not being able to control it. Let's hope for the best and they will be successful to the benefit of all parties! All the best!

Oct 27, 2011 02:06 PM

Renée Donohue~Home Photography

Savvy Home Pix - Allegan, MI

Western Michigan Real Estate Photographer

Well the attorney ultimately wants the bankruptcy in the end. They get so much $$$ from doing these and chopping them up!

Oct 30, 2011 11:37 AM

Michael Jacobs

Pasadena, CA

Pasadena And Southern California 818.516.4393

Lyn -- ultimately it is the sellers' choice to select the negotiation team but it certainly leaves a "hmm, I told you so" scenario in the future. I wonder why they would choose the follow the attorney's suggestion of a company with no reliable track history. I'm sure there will be follow-up posts detailing the progress. Best of success with this one.

Oct 31, 2011 02:22 PM

Michael: If it had a track record there would be no problems.

Nov 01, 2011 06:18 AM

Sliced and diced with a Short Sale Ginsu!

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