Thursday, May 21, 2009

And The Bank Held Out For Less Money.....Short Sale Idiocy

Last August....yes, August....I took a listing for a short sale. I had my appraiser give the property the "once over" and priced it competitively at $149,900. I had numerous buyers the first week. One was for $165,000 and all cash. Yippee!!! This was ready to go in November. The bank should be thrilled!

They weren't!

The bank did it's own appraisal and it came in at the $149,000 that we had listed....we had a cash buyer ready to go at $165,000....they should be thrilled!

They weren't!

The bank wanted the seller to "take some responsibility" and take a note for $20,000. The seller said "no." We went back and forth with the bank and eventually got them down to $5000 note. By this time the buyer was gone, and prices had dropped.

I put it back on the market in December and it sat and sat, comps went down and down. We finally found a new buyer in March. For $125,000. By this time the seller had received his notice of default and sale date. He saw no reason to sign a note. He was tired and annoyed. I agreed with him. The buyer did want the home and offered an additional $2000 to the bank in lieu of the seller's note.

They agreed!

The bank "stuck to it's guns" and held out for less!!!!

I hope they are thrilled!

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