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Doh! My Short Sale Buyers Walked!

By
Real Estate Agent with Realty Executives

I got the call from the really sweet buyer's agent asking me for an update on the transaction even though we had just talked the week before. I didn't have an update as it was only about two business days since we had talked. I was instructed to call Countrywide on Tuesday morning since apparently they have hired a bunch more people for their loss mitigation dept.

I asked her straight up what was going on and she told me her buyers had signed the Cancellation of Offer.  Dangit.  Cash buyers holding on for two months.  The wife was going into labor that day.  I guess they were worreid that the banks would counter on the price and didn't want to wait longer to find out. 

My guess is that the banks would have sprung for it. I made a CMA with model match comps proving our purchase price to be within $6K of our price. Banks like cash and probably would have accepted the deal.  Now I'm back at square one.

I did get through to Chase on the first.  They've been a little more accessible recently since I got a new negotiator.  He told me point blank that it probably is going to be another 30 days before we get an answer since the file just moved from collections to loss mitigation recently. Apparently it didn't matter that we had a legitmate short sale escrow to get to loss mit.  The sellers are just now three months behind on their payments and that is what triggered the move to loss mit!  Doh! 

Posted by

Susan Manning

Comments(9)

Donna Marie Godfrey
Godfrey Properties - Pottstown, PA
Life is so easy....everyone should do this!
Apr 30, 2008 01:21 PM
Barbara S. Duncan
RE/MAX Advantage - Searcy, AR
GRI, e-PRO, Executive Broker, Searcy AR
Short sales are evidently a good thing to leave alone.  Work on something else. : )
Apr 30, 2008 01:26 PM
Patrick Lambert
ALLY Real Estate - Waikoloa, HI
Hawaii Real Estate Expert
That is unacceptable. That long to wait for a counter or an answer. That is not my experience with short sales at all.
Apr 30, 2008 01:42 PM
Sidney Jimenez
Keller Williams - Miramar, FL
CDPE, Short Sale Expert, 954-665-9449,
Hang in there. This is new to everybody! It will get better and it will get easier.
Apr 30, 2008 03:24 PM
Michael Wayne Jackson
Coldwell Banker - Novato, CA
Broker - Seniors Real Estate Specialist Novato
Most buyers do not have the patience to wait for an approval especially if they think it's a normal transaction.
May 01, 2008 09:20 AM
John Kim
Property Services & Short Sale TC - Irvine, CA
That's definitly the low but there are highs to this... Keep on Truck'en.  Oh, Countrywide is a major pain now.
May 01, 2008 04:32 PM
Kathy Torline
ERA Herman Group Real Estate - Colorado Springs, CO
Colorado Springs Real Estate Blog 719-287-1049
Susan:  I know how frustrating working on short-sales can be.   I've been on both sides, representing the buyer and representing the seller.  I think the whole key is educating buyers and educating sellers.  There is nothing easy about them, but they can be done.
May 01, 2008 11:57 PM
Heather the Realtor Orlando, Lake Mary
LemonTree Realty - Orlando, FL
First Time Home Buyers, Bank Owned Homes
Isnt it a frustrating up hill battle? Keep going persistence pays off in these deals. I had both sides of the deal and finally got a deal to closing when my cash buyer walked away at the table. I had to save it from the auction block 15 mins before and another agent brought a buyer. Finally got it closed. Hang in there.
May 02, 2008 12:26 AM
Sidney Jimenez
Keller Williams - Miramar, FL
CDPE, Short Sale Expert, 954-665-9449,

Good job Orlando!

SUSAN & KATHY-- Both sides are challenging, but I would not hestiate to say that I'd rather have the listing than the buyer. With the listing, at least I can somewhat control my destiny. With a buyer, I'm at the hands of the other agent and who knows if they know what they're doing or submitting several offers without you knowing how you stand.

May 02, 2008 04:46 AM