From Chase, who holds the second mortgage on a short sale listing we have:
"Aurora (the first mortgage holder) is offering us $4K. We will only accept $9K. You should tell the buyer to come up with the difference."
The problem here is we represent the seller, not the buyer. So we can’t really tell the buyer what to do. But given they are using a FHA loan, and only putting down 3.5%, my guess is they don’t have an extra $5,000 lying around.
Bank: “We need you to re-send the purchase contract.”
Us: “We’ve sent it to you four times.”
Bank: “Yeah, we lose stuff a lot.”
Really. Ya think?
Bank: “The owner is several months delinquent on their payments. If we approve this short sale, what assurances do we have they will keep payments current?”
Us: “Uhm, they are trying to sell the home. If we’re successful, they won’t be the ones making the payments, the buyer will do that.”
Bank: “Oh, yeah. Of course".”
Bank: “We don’t want this home to go into foreclosure. We’re doing everything we can to approve the short sale.”
Us: “Sixteen weeks ago, you got a solid offer from a cash buyer who is ready to close in a week. Any idea how much longer you will need?”
Bank: “No idea, these things take a month or more sometimes.”
There are more. But my blood pressure goes through the roof when I deal with these morons, so this is all I can stomach for now. Feel free to share your bank quotes in the comments.
Photo Credit: kevindooley on Flickr. CC Licensed.