A Short Sale can help you avoid owing your bank for losing money when they reject a short sale offer. Here is an example of how a bank lost money by delaying the short sale process. We listed a property as a short sale. The home had been listed with another agent. That agent had actually sold the home for 150k. However, they couldn't convince the lender to approve the short sale.
As a result, the buyer canceled their contract and started looking at other houses. We put the property on the market and received a 140k offer. We submitted it to the bank. The bank ran their numbers and said that the minimum they would accept was 141k. As a result, the bank lost 9k. Actually, it wasn't the bank that lost that money.
The loan was owned by a Wall Street Trust. Common owners of these trusts are Pension Funds like CALPERs. So, as a result of this bank's incompetence a person's retirement was affected. This is a good example of why an experienced, competent short sale agent is so important. They can make the difference between success and failure on a short sale.
As a result, the buyer canceled their contract and started looking at other houses. We put the property on the market and received a 140k offer. We submitted it to the bank. The bank ran their numbers and said that the minimum they would accept was 141k. As a result, the bank lost 9k. Actually, it wasn't the bank that lost that money.
The loan was owned by a Wall Street Trust. Common owners of these trusts are Pension Funds like CALPERs. So, as a result of this bank's incompetence a person's retirement was affected. This is a good example of why an experienced, competent short sale agent is so important. They can make the difference between success and failure on a short sale.
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