Another typical short sale story

By
Real Estate Broker/Owner with Al Phillips (Realty Executives Stoney Creek)

Can you believe that after working on a short sale for over four months, the seller's wife lost her job three days  before close.  Of course, the mortgage company found out and pulled the mortgage approval.  The buyers will still be able to get approved but it will take another three weeks due to the holidays and such.  To make matters worse, the first mortgage holder is unwilling to wait and is going to make us start the process all over again from the beginning. 

When all is said and done, I will have well over 75 hours into this sale, the bank will have cut the commission from 7% to 5%, and the transaction will have taken the better part of 6 months to close.  The banks wonder why agents are unwilling to do short sales and why buying agents are unwilling to put offers in on short sales. 

NOW, JUST THINK HOW I AM GOING TO FEEL IF IT DOESN'T CLOSE.  MULTIPLY THAT 100 TIMES OVER FOR ALL THE OTHER AGENTS GOING THROUGH THE SAME THING.

There has got to be a BETTER way.

Comments (2)

Anonymous
Derek-Done Deal Solutions

AL the only thing good about a short sale is when they are done.

Love them or Leave them, SHORT SALES ARE HERE TO STAY.

I have been working Shorts since 2003, A Pain yes, but lack of opportunity there is not.

Visit us at www.LiveFreeInvestmentGroup.com to find out why RE agents through out the country are choosing to work with www.DoneDealSolutions.com to negotiate & purchase their short sale listings.

Agents should what they are good at, working with buyers and sellers, let us deal with the banks.

 

We have over 80% approval rate..

Dec 29, 2008 03:16 PM
#1
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

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Sep 11, 2016 12:13 AM