Anyone who reads my blogs knows I am not a fan of "short sales". However, as a realtor, I was trying to keep an open mind and even took a class on listing "short sales". Hopefully, this class would make it clearer to me how to handle a short sale in a more timely manner.
As a realtor in Hernando County (I cover Spring Hill, Brooksville, and Weeki Wachee), I can tell you that there are no smooth short sales and I have a very unhappy customer (not with me, but with this so called process).
He submitted a signed offer on April 15, 2010 which was verbally accepted but the listing agent choose not to have his customer sign until the deadline for the tax credit of 4/29 because he didn't want to take it off the market. That to me is questionable behavior and I let him know how I felt about it. We, however, proceeded and I am constantly e-mailing the listing agent who tells me that it is now in the Equator system which is a program used by Bank of America. About two weeks ago the listing agent tells me he is pretty sure they will accept our deal. My customer of course is very happy. They live in NJ and have been very patient. Last week I hear that there is a "third party negotiator" who is handling it. Who was paying for this? I never found out and actually what good she was doing, is also questionable. She evidently calls the listing agent yesterday, who in turn calls me, to say that they want an additional $1,600 and my customer agrees.
I ask for this "worksheet" from the bank in writing because to date, nothing has been sent to me and I am skeptical about the whole way this is being handled (I am from NY). They send it and it has our offer with the extra $1,600. Low and behold, today, I get a call from the listing agent saying the bank wants another $5,000. I ask, in writing again, how could this be since the offer was accepted. The "negotiator" e-mails me back that the investors didn't accept it; only the bank's negotiator. Why are there negotiators to begin with if they can't act on behalf of anyone?
The government needs to look at these "short sales" with more scruitiny; it is people's emotions and lives we are dealing with.