Wednesday, May 25, 2011
Both sides of a short sale
Last fall a buyer came to me and was interested in purchasing an abandoned home. I checked and there had been two foreclosure motions filed but no action. Checking public records I found the owners name. I used this information to do an internet search with Intelus to find a current number for him. I contacted him and he agreed to attempt a short sale. The seller needs a hardship for the bank to act and they had one. The first offer from the buyers wasn't enough for the banks negotiator so it had to be increased. We finally reached an agreeable price and the sale progressed. The bank then cut my commission 1% for my efforts. In the mean while two years of HOA fees had piled up and then the HOA ordered a lot clean up right before the transaction could occur, over $1400 billed for rather shoddy work and vegetation left behind. It finally closed after 6 months. Three times the work for less pay. I'll be glad to see the short sale market shrink. Until then I'll be glad to help with your short sale!