It's True. Short Sales bring out lying - deceit - and the spreading of misinformation on purpose. Hopefully, you are not going to get these kinds of situations in the Short Sale you choose to have handled by your Santa Clarita short sale representative.
We have had some interesting trials in the handling of our clients short sales.
How about the bank sending out a letter saying to our client to stop the short sale procedure so they can help them modify their loan? We had another client receive a similar letter promising a principal reduction. Again, these occurrences happened while we had been in communication with the short sale departments at each of these banks. Goes to show that the various department - the foreclosure department, collection department and the short sale departments at most banks don't communicate. At least that is what I hope was the reason for these "errors", I'd never want to think any bank customer would have been set up in this fashion deliberately.
With each of these circumstances and because this was not our first go around with handling a short sale, Paris gave a warning to both of these clients. She explained to be careful and to make sure that the bank is going to perform the act which they promised. In addition, she informed our clients to tread carefully, some properties have been known to sell at auction when released from the short sale contract.
In both of these circumstances, that is exactly what happened. The tears were repeated with regard to each of these clients when this occurred. It was like the first meeting we had in our office explaining the short sale process. There comes a time when every short sale seller has a moment of realization. The emotional roller-coaster is alive and well in the short sale process.
We routinely see emotions of doom, failure, denial and then it always seems to come around to relief. Relief only comes around when the short sale has concluded.
Recently on a short sale file for a home in Saugus CA, the bank and our Short Sale team was in negotiation and we had uploaded the typical short sale documents within the banks short sale system. The bank told us verbally and by email the short sale was in process and they needed nothing else at this time. However, they told our clients another story. Our clients were left a message saying quite the opposite.
The bank representative said to our clients that their short sale had been denied and that their home was going to be sold unless they make up the missed payments and pay the attorney fees. When our clients inquired as to why this was going to happen - the bank representative threw us under the bus. "It was because your agents did not get the documents we requested uploaded into our system..."
You can imagine the phone call I got from our clients. They were livid. However, we had prepared them for this exact situation. We have had this occur before. So we did what we did before, we called the bank, when the short sale representative we had been dealing with finally picked up her phone, I delayed her while Paris brought our clients on a silent conference call. The calls were merged and our clients were asked to be silent on the phone.
We asked the Short Sale rep about the status of this specific short sale. She told us that the bank had everything that they needed, the short sale was in process and there was nothing else we needed to do at the present time. I then inquired about the phone call our clients got from the very same bank telling them that the short sale had been denied. She said she had no record of any such call and if it did happen it was probably from the foreclosure or collection department. She assured me it was not from her department.
There you have it - Games, Lies and Dangerous situations. Make sure you are hiring the best Short Sale representative you can find. Some one that has experts at the short sale negotiation process on their direct payroll. BE Safe - Talk soon. Check out our Santa Clarita short sale informational page