My first short sale used to be a lot easier. Time used was much shorter and the bank was much more accessible. I am now involved in a 3rd short sale and it has been a nightmare. This has been going on since November and reaching the bank consisted of holding on and listening not to my choice of music for 2-3 hours, finally learned to at least call on speaker phone and work on other business in the mean time. Never got a contact name, neither did seller nor attorney. Finally got the word yesterday the seller is supposed to sign a promissary note for $ 110,000 for 30 years which she does not have and is not willing to sign. We are trying to see if it can be negotiated. The message was loud and clear either do that or go into bankruptcy which she will probably decide to do.
This particular bank is in bankruptcy proceedings themselfes and nobody cares. I also heard a story were the bank decided the day of the closing to change the commission from 6 % to $200.00 to be shared by listing agent and sales agent. This apparently was decided by the mortgage insurance department not the mitigation department. In my 1. deal they never got involved.
After all this I am now waiting to see what the situation is with the next contract. I would appreciate to get feedback from you and to see how this is being handled in other parts of the country.
I believe our industry can really help the country and the bank to get out of the horrible situation of short sales, foreclosures and auctions, but it is imperative that the banks work with us and cooperate to help with information during the process.
I need to rethink my position re short sales, there are enough good resale properties on the market which also have below market value list prices that if I have a buyer I will not put myself or my office and coworkers through this ordeal.
In all 3 cases I sold the sellers the property so I had to try to get them out of the situation, but I believe that in Marco Island and Naples many Realtors are starting to stay away from SHORT SALES.
Thank You for your feedback.