Short Sales Still a Frustrating and Too Often An Unsuccessful Process

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Real Estate Agent with Platinum Realty 1999090686

Just received word from a colleague who has been working on a short sale for me that the lein-holder foreclosed on the home while they were working the short sale. (My colleague only works short sales, and knows what she is doing).  The lein-holder has been dragging this out for months, and every time they wanted something, the homeowner and my colleague got it to them immediately. My colleague diligently stayed on top of the deal, calling the Short Sale Department almost daily. The buyer has been waiting to close for months on this property. The Short Sale Department and the Foreclosure Department of this bank did not communicate with each other, and it's the homeowner who suffers again. Six months of work and aggravation, and nothing to show for it except another foreclosed home, where the leinholder is not going to get nearly what this buyer was willing to pay for it. Talk about one hand not knowing what the other is doing. Damned banks (Sorry for the bad word, but this really really sucks).

St Louis Real Estate - Tim Tanz, Realtor

 

 

**All personal pictures and images/logos are the property of and copyrighted by Tim Tanz, and may not be reproduced or used without his permission.**

I have been representing home buyers and home sellers in the St Louis Metropolitan Area since 1997.

I am a Certified Residential Specialist (CRS), Accredited Buyer's Representative (ABR), and GRI (Graduate, Realtor Institute).

Affiliations: Member St Louis Association of Realtors (SLAR), Member Missouri Association of Realtors (MAR), Member National Association of Realtors (NAR), Member Real Estate Buyer's Agent Council (REBAC), Member Council of Residential Specialists (CRS).

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Rainmaker
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Wika Hutchinson
Eugene, OR
Broker, CRIS, SFR, CDPE
Hi Tim: Short sales usually involved multiple departments within the bank, and some banks (especially large banks) often employee unorganized people who don't communicate well with other departments within the same organization. This is frustrating because no matter how diligent we are in asking them for updates, we could still (easily) be blindsided. I am experiencing this recently.
Jan 14, 2013 06:58 AM #1
Rainmaker
289,810
Tim Tanz
Platinum Realty - Saint Louis, MO
St Louis Real Estate

Thanks, Wika, for the comment.  I am sorry to hear you are experiencing this as well.  Wishing you all the best.

Jan 29, 2013 02:45 AM #2
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Rainmaker
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Tim Tanz

St Louis Real Estate
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