I have a good story today about another bank losing their shirt because their short sale process is so tough to work with.
The bank in question is a large, top 20 American Bank. They actually owned the loan in question. So their stockholders lost 50k from their negligence. Ouch!
Discover how other buyers successfully did a short sale by clicking here.
Here is the story from a Foreclosure Institute Member.“We met some buyers at an open house. They told us they were buying a house just down the street from one that we had for sale.
They had a contract to buy the house for $275,000. They knew the house was a short sale. They were getting frustrated because they had been waiting for the short sale to be approved.
They had already been waiting for several months with no answer. They mentioned something about 3 mortgages and the junior mortgages were hard to work with.
5-6 months later we noticed that the house was back on the market. They time the asking price was $229,900. It finally sold several months later for $229,000.
That means this bank lost $46,000 on the lower sales price. In addition, we estimate that the lender lost another $15,000 in lost interest income and property taxes.
That means this lender lost $50,000 to $60,000 because their short sale process was so hard to work with. To be honest, I would be kind of embarrassed if I was the CEO of that bank.
The other thing is that the short sale realtor in question was inexperienced. She had very little experience with short sales, which she openly admitted.
If that lender pushes for a deficiency judgment, that agnet’s lack of short sale experience could have cost those home sellers $50,000. Ouch!”
Thinking about buying a short sale? We have the experience, knowledge and know to ask the right question so you are not wasting your time when buying any short sale property.
When buying a short sale you need to work with somebody who understands both sides of the transaction, buying a short sale as well negotiating a short sale.
We can help you upfront to tell you if it is a good short sale to buy or move on to a another property and not loosing out on other great deals. Send me an e-mail at info@FloridaconnectsInc.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call us in Tallahassee at (850) 364-3946 and in Fort Lauderdale at (954) 586-3930.
Annett T. Block
Florida Connects Incorporated
TLH Phone: (850) 364-3946.
FLL Phone: (954) 543-1794
View My homes for sale at www.floridaconnectsinc.com
Annett T. Block specializes in loan modification assistance and short sales in Florida. Celebration Loan Modification Help, Celebration Short Sales. Celebration Short Sale Realtor. Fl Short sales. Florida Realtor. FLorida Short Sales.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
The views expressed here are Annett T. Block’s personal views and do not reflect the views of Florida Connects Incorporated.
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