The Agony of a Short Sale

We are not the only family that has made an offer on our short sale home.  And to make matters worse, the house will remain on the market as an active listing so that additional buyers can make offers on the house.  This is an attempt to get the lender the best price possible.  This also serves to drive quality buyers away that need to have a definite closing date and purchase agreement.  For the real estate agent, the real deal killer is that the lender retains the right to reduce the commission to increase their net proceeds. Most agents avoid short sales since they may never close and, if they do close, they short-sale_0.jpg take twice the amount of time, energy and effort for a lower commission.  This process desperately needs to be changed for the benefit of all parties involved.

At this point in time, the lender has decided to delay the foreclosure sale for a third month while they try and work out a purchase agreement.  Everyone keeps asking me if this is good news or bad.  It’s bad if you can’t handle uncertainty and good if you have a better offer on the table and the lender is ready and willing to negotiate. Our time clock is ticking since we only have 2 months to stay in our current home to avoid a double move.  The most difficult part of being involved in a short sale is the total lack of protocol. There isn’t a playbook, a formula or a time line.  Whenever the bank gets to your file, you will get an answer.
We continue to wait for a response…

July 21, 2009 · Filed Under Uncategorized

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