So I will use ficticious names to protect the innocent, but March 2009, I listed Jane and Bob's house.
Now, like many sellers in today's Colorado Springs Real Estate market they were upside down, had some important personal issues and HAD to sell. The only viable option - Short Sale it!
Fast forward January 5, 2010 (that's right were talking 10 months later, 3 buyer's walking away due to frustration and details of which iI won't bore you with which happened between) we get a call from the bank: "The contract looks good approval within 2 weeks!" ...Oh yeah!
February 15, after many calls and e-mails with no return I actually LOL'ed (Not really but if you don't laugh, you'll cry!). We escalate the file for the fifth time with no response. Now, Like Rocky Balboa, I have the eye of the tiger! I pick up the phome and dial again.
Finally, I get someone who cares only to find out that the file has been (As they describe it) "On some desk in a back room in Houston for weeks with hundreds of others". Wow, the incompetence of this lender is blinding. Are they really this cavalier when peoples lives and futures are on the line? It must be so, how else can you explain it? Thank God for Nate, he has picked up the ball and is now running full speed with it and making progress.
As of today, we have a preliminary approval with the current buyer. The final details are being worked out and because of the buyer's patience, they have endured and are going to get a good deal on their new home which should be set to close in March 2010.
The one thing that the final buyer had was PATIENCE. They have hung in there and rolled with the punches. Now to be fair, not all deals are like this one but like a famous movie character once said "Short sales are like a box of chocolates, you never know what you get until......."
When considering purchasing a short sale in Colorado Springs often times you will get an idea of what to expect simply by finding out who the lender is and how many loans there are. The lender not mentioned in this story is one of the largest nationwide lenders out there and we all know who they are. They have developed a reputation for themselves and stories like this are not uncommon. However, not all lenders perform the same way. Ask your Broker to do some research before writing an offer on a short sale. The frustration saved will be your own!
Written by William Szilagyi Williams HomeSellers www.WilliamsHomeSellers.com Colorado Springs Real Estate
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