Oct 27, 2009

Tip 34-2009: Stupid Short Sale Story

To show how ridiculous short sale lenders can be, read the follow example:

After weeks of negotiations, a short sale lender rejected the short sale unless the lender could net an additional $4,000. The Buyer, Seller and realtor all conceded some money, so a new contract was signed between the same parties for the short sale lender to receive the additional money. (The lender would not accept a simple price amendment). However, rather than accept the new contract which gave the lender everything they previously demanded, the short sale lender said the new contract will have to start over for short sale approval (another 30-45 days). It’s the same buyer, seller and property, and it’s the price they said they would accept!! To add to the stupidity, the contract has to go to another short sale negotiator. We’re still waiting!!

PS—This is another good example of “There are No Rules” for short sales.

Please contact me if you have any questions.

William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia

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