It's been a long road down the not-so-crimson pathway in short sale land. Here's a familiar rant about what is happening - and it isn't even all about the banks (it's the buyers and sellers, too).
1. I have a short sale listing - but the sale is going down the tubes. Both 1st and 2nd Banks OK'd the sale, BUT. The BUT is they (Nationstar) want to close in 10 days. Why they won't budge, I don't know. The seller is unhappy, thinks we aren't working hard enough and that we aren't thinking of his welfare. His issue: He can't move that fast. The buyer doesn't want to give him more time - he's a cash buyer and when the deal closes, he wants possession. So, all 3 sides, the bank, the buyer, the seller, are at odds. FYI, we are fighting for him hard, still negotiating with bank to change the date - they can change the trustee sale date but not the closing date - why?? Rant #1
2. I have a short sale listing that was with B of A., and then when it was just about time to OK the sale, they sold the loan servicing to Nationstar. We started over, had to submit everything again, and the buyer was hopeful. Still is. BUT, with a best (highest) and final offer, we suddenly have Auction.com involved, to make sure we have a good offer. Our offer is for $480K. The auction is starting at $200K. I had an inquiry, someone wanted to offer $220K. I laughed. Our buyer and their agent are really up in arms, not happy, and wanted me to go back to Nationstar after we signed paperwork with them to tell Nationstar that this is illegal, they have missed a lower interest rate (it's gone up 1 point since we started this sale), and that their offer will come out on top - why are they wasting time. Oh, this is fun. #2
3. There is another short sale woe - Another listing is having BIG issues with the first and the second loans. The first (PNC) will only allow $3K to go to the 2nd. The 2nd wants $25K. There is no room to squeeze. The buyers won't up their offer, the commissions are already dropped 1/3 to 4%, and I'm trying to get the buyer to come up or walk so we can find another buyer at a higher price (not likely, as it was priced well). Even more fun. #3
4. I have another listing that is a basic tear it down and start over because it's got too many issues with which to deal. I even had a REHAB FLIP TV show interested in this house. But after the "winning" buyer saw the place and lowered their price by $100K, we had to go back to the drawing board to the backup offers. I think I have another buyer, but this time, the seller will have to realize that he can't sell for that "wish-list" price of his - since there is trash piled high inside and outside his house, with more trash coming in everyday - he collects it. Even the city compliance dept. is on his case, and quit working with him because they were trying to get him to get RID of the trash, not bring more in. #4
5. Another listing lost the buyer because he lost his job. Guess we are still having economic issues in this country. At least we had many backup offers. #5
6. I have another listing that may or may not result in a sale. We have a good buyer, but we caught him (or was it the agent) in a lie the first thing - the buyer had to come in to see the house immediately because he was going on vacation. When they all showed up, the seller asked about the vacation, and the buyer didn't know anything about a vacation. Now the seller doesn't trust the buyer. Not good. #6
7. Had a lead on a short sale - but the situation is one I don't even want to get involved with - it's 90 minutes from my house, it is a commercial building with 4 loans - in FC, and the owner is on the fence. I say find a Realtor closer to you to deal with your headache. #7
Sure there's some action, but it's all at a standstill. I have bills to pay - like my homeowner's insurance. So it's that old "short sales aren't short" and when it rains it pours - sometimes down the sewer. These deals can all wash away come Monday. I hope we can save a couple of them.
In : Short Sale
Tags: "short sales" listings "real estate" "real estate rant"