Monday, September 28, 2009

WHY 50% of SHORTSALES DON’T SELL….

Wow, that is a loaded question but here are a few answers:


The property may go into foreclosure before the short sale is completed. The banks “short sale” department does not communicate with the foreclosure department, so while you are waiting for a response on the short sale, the property is being auctioned off in a foreclosure at the courthouse steps. Yes, that does happen.

1) The seller may file bankruptcy which can put the stops to any foreclosure and seller may decide they want to continue living for free in a home they have stopped paying for….

2) While you wait, the Seller disappears. Why hang around and go through a hassle to fill out more paperwork that will not result in a penny in your pocket? Goodbye; off to a new life.

3) The bank never responds…the voice mail is always full; no human answers the phone…not even 6 months later…

4) The bank responds but wants $25,000 more than the property is worth…banks do not need to operate on common sense; they can do anything they want.

5) The property may not be financial due to the seller stripping out even the bare necessities: No kitchen, no appliances, no bathrooms, no light fixtures, no air conditioner, no pool pump, no carpet, no wood floors, no doors and like I just saw last week….no electric wires either…all the wiring was pulled from the walls into the attic…seriously.


Get the picture?


Eve
407-539-1053