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The banks will continue to drown this market...at all costs

By
Real Estate Agent with Exit Realty Properties

A few months ago, I wrote about my experience regarding a short sale but never finished it because I was in limbo for a period. Now, I am back and the saga continues. In June, I got confirmation that first lien holder approved the buyer but the name of the buyer that the second approved was different. I was trying to pre-empt their action so I submitted both files to both banks att he same time (once bitten, twice shy). Well,t he approved two different ones and all we had to do (or so we thot) was as the second to change the name of the buyer and the purchase price (just by $10k). This was another nightmare int he making. 15 phone calls, 5 faxes to 5 different fax numbers, we are told it will take two weeks. New approval letter came in a few days but this time around, instead of requesting $2500 as the first time, they now wanted $12,000. The first bank was furious and refused. Well, seller is mad as heck cos pro-rations continue to increase including utility, pool cleaning, tax penalty and HOA.

I didn't realise how difficult it would be to get a bank to just change a figure. It practically became a power show until the seller crid and pleaded with second that the difference $1000 will be split between the agents, just so this crazy mess would not go into investor black hole again. Finally they agreed. Once more, we needed the final approval letter to say the amount the second would get and it came with a brand new purchase price...which luckily was a typo.

Just as we tought we were stirring at the green light, another bombshell. We have 10days before the closing date will expire, HOW payoff has expired and Law firm insists that no one contact them for 15days as this will delay the closing.

This is where we are right now. The next 3-5 days will determine our next course of action.  Thank God the buyers are hanging int here but there is only so far you can test soemone's patience.

I'll be closing this story...very soon on a positive note.

Regards,

Afie Makinde