Ahhhhh....​..The Lovely World Of Short Sales (Will the saga ever end)????

UGH!!!!! Well, one thing's for certain.....we're never at a loss for drama in the world of short sales. I was just speaking with another agent on yesterday who was telling me about her short "sellers" who stopped the transaction a week prior to closing! The listing agent had fully ss approval with a waiver of liability, the buyer's loan had been fully approved through underwriting, and they were just waiting for the closing date to arrive. The Seller's determined that they were not yet ready to begin paying a monthly rental fee...YOU GUESSED IT!!!! They actually wanted to continue to live "rent/mortgage free". Heck, they'd done it for more than two years, so why start now??? The nerve of some people!!!
THEN..... I get to my office and receive an email from the Buyer's agent on one of my short sales. It appears the Buyer, a bulk-purchaser investor, decided to terminate a week prior to closing! Apparently, on the very last day of their due diligence period, they decided that they would not be able to get the originally anticipated rental rate and decided to grab my Seller by the cojones and threaten to terminate if the Seller refused to reduce the contractual price by $15,000! Of course, now we have to take this back to the first and second lienholders and beg for their approval!
Oh well.....at least it's Friday!
Vanessa M Calhoun, Real Estate Consultant
Better Homes and Gardens Real Estate Metro Brokers
209 Newnan Crossing Bypass
Newnan, GA 30263
404-843-2500 (office)
678-406-8432 (direct)
770-254-4985 (fax)

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Comment by Sofia G on March 14, 2013 at 5:33pm

Horrendous! 2nd case - Shouldn't buyer lose his deposit money? At least that would be fair! The fist case is the most outrageous, the nerves some ppl have!


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