An Interesting Twist to A Short Sale Negotiation

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Real Estate Agent with Long and Foster REALTORS®, Gainesville, VA VA License # 0225089470

I have a listing that is under contract, awaiting 3rd party approval from my seller's mortgage company.  I knew this process would make me want to rip my hair out, but I didn't expect this.....

This afternoon I received a phone call from the BUYER'S LENDER (same company as my seller's mortgage holder) and the BUYER'S LENDER told me what the acceptable terms were to the lender/mortgage holder.  She evidentally had success getting a hold of MY SELLER'S NEGOTIATOR.

That is fine, but I am a bit concerned that the terms of the short sale were ironed out with the BUYING SIDE, without contacting me AT ALL.  Especially considering the fact that there is a $10,000 appraisal short fall.  As you can imagine, the BUYER'S LENDER has convinced MY NEGOTIATOR to reduce the price rather than have another appraisal.  And more than two hours later I am waiting for the negotiator to contact me.

I have tried to get in touch with the negotiator numerous times over the past week, but evidentally there is a fast track is you are working within the company.  So the BUYER'S LENDER has INSTRUCTED ME to write up an addendum with the REDUCED SALES PRICE!!!!  I don't think so.  Not until I've had my chance at talking to the negotiator.  And I'm sitting here, nearing the close of business, with absolutely no word from the NEGOTIATOR.

On the one hand, it is great that the BUYERS LENDER was able to get this fast tracked.  On the other hand, seems the NEGOTIATOR should have been in touch with the SELLING SIDE FIRST...especially since the financial consequences of this transaction will be with them after the fact.

Has anyone out there experienced something similar to this?  Am I just having a bad day, or is this something that seems wrong? 

 

 

 

 

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Rainer
14,512
Lori DeLoera
Century 21 Sundance - Port Orange, FL
You're having a bad day and something is wrong.  You should have been contacted.  May you have a speedy closing.
Nov 16, 2007 07:07 AM #1
Rainer
75,717
David James
ReMax Real Estate Services Columbia South Carolina - Columbia, SC
Why is this a problem? I assume your seller is only going to break even.  And I know you might loose about 300 dollars in commission.  But you got the sale approved! Close it!
Nov 16, 2007 07:23 AM #2
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

It's a problem because the  sellers were on the verge of doing deed in lieu and are unlikely to go any further down.  Please understand, this is not my commission I am worried about.  The financial end of this could be the sellers having an additonal $10,000 to pay back to the lender or having to claim that additional $10K in income...on top of the $50K they are already dealing with as short fall in either case.

 

 

Nov 16, 2007 07:52 AM #3
Rainmaker
94,887
Nancy Pav
Century 21 Redwood Realty - Ashburn, VA
Nancy Pav, Your "GottaHave" Realtor

 since you do work for the seller, I wouldn't do what  the buyer's lender told me either!  You don't work for the buyer.  Unless the buyers lender has something in writing or you speak with the negotiator, I wouldn't do a thing!

Follow your instincts...if it feels wrong, it proably is wrong.

Nov 16, 2007 10:11 PM #4
Rainmaker
117,777
Anne Clark
Metro Referrals - Gainesville, VA

That would've made me feel bad too.  Thank God Countrywide is no longer around, but it seems that Bank of America is more the filling their void.

Jul 27, 2010 07:33 AM #5
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Nancy:  Sometimes it take a team effort to get a Short Sale sold.

 

Jul 27, 2010 07:48 AM #6
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Anne:  Right now, I'm in a crazy loop with Wells Fargo.  Stay tuned.  I'll blog about it in a bit.

Jul 27, 2010 07:48 AM #7
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Chris Ann Cleland

Associate Broker, Bristow, VA
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