Posted by: Roby Robertson | June 5, 2010

Hold That Thought On A Short Sale Success

Recently I wrote a post about a short sale success that I was involved with.  There were two mortgages.  The holder of the second negotiated a settlement.  The holder of the 1st negotiated a settlement.

At the 11th hour, the holder of the second said:  “Whoa, our settlement does not include paying off the second”.   We even hired an attorney to negotiate with all parties and to be the ‘bulldog’ in the process!

The buyer in this deal got frustrated and felt this deal would never close so they WALKED! Who could blame them…

I can summarize my thoughts by saying this:

Banks could care less about the consumer.  How do I know.  10% or less of short sales actually close.  It makes absolutely NO sense.

Banks are obviously run by a bunch of people scared to death of making a real decision. Corporate America at it’s finest…

Short sales can still be great deals, however put on your ‘patience’ hat and be prepared to wait and wait and wait.

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