"It's Not Fair for the Bank not to get ALL their money," said the Would Be Short Sale Buyer

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

 Golly gee whiz...and just when you think you have heard it all...we had Buyers who went back and forth ...forth and back and around in circles deciding whether or not they should buy a short sale.  They clearly loved the house according to their agent...and multiple showings would indicate that was true.

     Upside down houseWe explained in detail to the agent ...who had never written on...listed or had any experience with short sales and was fed information by other people in his office...what the process was....the time it can take...yadda yadda.

     What if...and then what...and the dialogue continued...the Sellers waiting to learn if this would ever culminate in a legitimate offer.  

   After literally weeks of having the Buyers ponder the sale...the Buyers agent came back to us..."It just isn't fair to have the bank get less than tBankerhey owed." Really ?  Really ?  From day one...what did you think that the definition was of a SHORT SALE ?

     Through the years of working with short sales...knowing the inefficiencies with which most are handled by lenders...feeling sorry for them is not where our heads are...Feeling sorrier for Sellers who got stuck through no fault of their own in the fall of the housing market...a whole different feeling !

    If you or anyone you know is unable to pay their mortgage OR is thinking of writing on a short sale...it is the kindest thing you can do for a distressed Seller...the Bank loses far more money when a house goes into foreclosure.    Call the Hansons wherever you are...if you are not in southeastern Wisconsin, we will refer you to a qualified agent in your area.

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Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Rainmaker
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Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Sally K. & David L. Hanson "It just isn't fair to have the bank get less than they owed." Really ?  Really ?  From day one...what did you think that the definition was of a SHORT SALE?"  Some folks just don't get it! Re-blog!

May 03, 2016 12:09 AM #1
Rainmaker
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Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Working short sales is not for the faint of heart (Agent) Sally K. & David L. Hanson ...you did all you could to help that agent though!

May 03, 2016 12:13 AM #2
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Mimi Foster
Falcon Property Solutions - Colorado Springs, CO
Voted Colorado Springs Best Realtor

When I was doing short sales, there were so many statistics on how much more the banks made if the 'got to' go thru the short sale process. Mind boggling. Trust me, they weren't losing any money.

May 03, 2016 12:24 AM #3
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

The bank is not who you feel sorry for, it's those who are losing their home, and all they put into it...financial and otherwise. Hard to believe someone is that clueless

May 03, 2016 12:39 AM #4
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Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

Excellent blog on Short Sales Sally & David. You have to really know what you are doing to deal with one of theses properties.

May 03, 2016 01:44 AM #5
Rainmaker
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Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Well, as I've often said, Sally and David, it's just really, really hard to fix stupid!

May 03, 2016 04:27 AM #6
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David, I agree that the Lender should get their full money back.  They did not hold a gun to any ones head telling them to buy the property.  BUT having said that, you are right that lenders would much rather do a Short Sale than Foreclose on a homeowner.  Also if those Buyers feel so bad for the lender, they should offer to pay the full remaining balance on the property :)

May 03, 2016 06:43 AM #7
Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Sally.  What these dumb asses don't realize is that because of the lender's loss write off the tax payer participates.

May 03, 2016 07:29 AM #8
Rainmaker
2,295,389
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

That is pretty crazy Sally. but we have been in this business long enough to have seen it all, but that was a pretty crazy statement.

May 03, 2016 09:52 AM #9
Rainmaker
1,864,588
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

Short sales were created to pretend there were not so many foreclosures.

The banks are insured against total loss.  That's why the short sales work, no matter the price.

May 03, 2016 10:21 AM #10
Rainmaker
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Wow, that's a new one for me, Sally and David.  Though, these buyers could always give the bank what is owed!

May 03, 2016 09:21 PM #11
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

That is one sympathetic buyer. Doesn't he realize that the bank's loss is his gain and the house is only worth what a buyer is willing to pay?

May 04, 2016 11:47 AM #12
Rainmaker
3,319,116
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

You have to wonder abuot people who worry more abouot Banks thn distressed Sellers....

May 04, 2016 11:51 AM #13
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
For All Things Wisconsin Real Estate...Call the Hansons
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