Lost the SHORT Sale to the BANK with TWO offers on the table.

By
Real Estate Agent with Samson Properties VA Lic # 0225101380

Today was one crazy day, Well let me start at the beginning - Wednesday, I spent the day working the phones talking to the Loss Mitigation department in regards to a house that I have listed as a short sale.  After hours on the phone I thought I had found the right person that would allow me to reduce the price of this house so that we could get in under contract. 

Well this weekend went as planned and today got two offers on the house.  Yes.  Well I call my client in today for us to look over the contract and sign the best one (for the bank).  Well when she arrived, one of the first sentences out of her mouth was that the bank had called her and told her that the house had been foreclosed on. 

Well, needless to say I jumped on the phone and away I went again.  Well after getting into the loss mitigation department again, I find out the house was foreclosed on on Thursday and that the bank was no longer handling the file and had been turned over to Fannie Mae.  I tried to talk to them about these two contracts and they just referred me to Fannie Mae.

Well I get on the phone with Fannie Mae - I have never dealt with these people directly and the first person that I talk to stated that there was no way to save the deal due to the fact that it is going to take them 30+ days to clear the title and to start the process.  Again I tell them that I have a buyer for this house and that if they would accept the contract we could save them a lot of paper work.  Strangely enough she told me that they would have to come back in 30+ days and submit the offer again. 

I hung up the phone with this crazy feeling - DON'T THEY HAVE ENOUGH WORK.  Here I have a read, willing, and able buyer and they are letting them go.  I'm thinking here I am going to help and lighten the work load yet you refused to help yourself. 

I'm starting to think that the banks deserve all that they get and I hope we put a lot of them out of business. 

GOOD LUCK

 

Vincent McKamy - Realtor

Coldwell Banker Elite

Serving Fredericksburg, Stafford, Spotsylvania Virginia, and the surrounding area

www.TheGPSRealtyTeam.com

540-455-2739  

 

Comments (7)

Eric Reid
Renaissance Realty Group of Keller Williams Atlanta Partners - Lawrenceville, GA
been there my self and could not believe the bank said nope call us back in 30-60 days. The realty is that once it is passed to the next person in line no one will walk over to the new guy and say .. hey hand me that file back I think I can get it sold for you and save us some work.. NOPE that would set the word spinning backwards.
Mar 17, 2008 02:46 PM
Delaware Junk Removal Residential And Commercial Hauling Clean Outs
Delaware Junk Removal 302-530-9186 - Wilmington, DE
Whole House Clean Outs, Basements, Garages, Attics
That stinks Vincent, I had one that was approved by the lender and we were told the SS was stopped, well it sold for 14,000 more than I sold it for!  The lender got the SS thrown out and we went to settlement.  Everyone was happy (except for the guy who paid 14k too much!  Good luck on the next one!
Mar 17, 2008 02:48 PM
Wayne B. Pruner
Oregon First - Tigard, OR
Tigard Oregon Homes for Sale, Realtor, GRI
Short sales are not for the faint of heart. It seems that sometimes common sense do not apply to these deals.
Mar 17, 2008 02:58 PM
Matt Grohe
RE/MAX Concepts - Des Moines, IA
Serving the metro since 2003
Vincent: That's sad because they'll lose much more by foreclosing. Hard to figure.
Mar 17, 2008 03:01 PM
Anthony Saunchez
Campa Properties - San Bernardino, CA
How can we be of service

well well well!!!!!!!!!!!!! I guess common sense is not so common after all.

Vincent, because you are a logical reasonable individual person means everyone is. 

Mar 17, 2008 04:20 PM
Guy E. Gimenez
The PowerHouse Group - Austin, TX
ABR, CRS, GRI - Broker & Investor (512-731-5613)
I've only had one short-sale that I was ever able to get "un-foreclosed" and it liked to kill me in the process.  I know a lot of folks see the opportunity in short sales, but the older I get the less appealing they look.
Mar 17, 2008 04:44 PM
Rob Jacobs
Short sale pathways - Rockwood, MI
Short Sale Specialist
I feel your pain. Fannie Mae is government subsidized and the beaurocracy behind that lethargic beast of a secondary market is mind boggling. Check out my blog o pre-qualifying your short sale listings. It may help you out next time.
Mar 17, 2008 04:51 PM