Short Sale Pain
Short sales take their tolls on short sale sellers at times. Their agents push and push only to have to sit and wait while the bank makes their decisions. We even get "verbal" approvals and such over the telephone, only to be told that we will have the approval in writing in a few days. Sometimes, those "few days" turn into weeks and sometimes months. We have watched as the "person handling the file" on the bank's side gets fired, quits or they get reassigned to another department. Sometimes, the files that they are working on are re-assigned to someone that is busier than they were. Then like a car without wheels - the Short Sale process grinds to an abrupt hault.
Buyers are not immune from drama within Real Estate circles. Approved one day and not approved the next. Case and point was what could have been an apparent mistake back in the day. The underwriting department finds out of a skeleton in the closet with regard to a buyer that cannot be fixed. Only time will repair this travesty that has come up during the escrow process, found out by the detectives in the underwriting department.
While this "buyers" scenario does not come up all that often. The fact is that it comes up at all and creates havoc on the process and disrupts the bond between client and lender.
Today is the "lame duck" session of Congress. They are supposed to be moving forward on the Debt forgiveness act and it's extension. We hope they do because there are many short sale sellers in process that are going to want their debt to be forgiven.
Relief by Paris911 :)
It has been quite a pull already and it's only Tuesday at the end of the second week of November. Hang in there and if you are one of those in the two scenario's described above, it will work out, eventually.
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The three properties that have been reduced in sales price by at least 5% are posted below. Thanks for reading, listening and subscribing to this Santa Clarita real estate daily show.
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