I just had an interesting short sale experience. I have a listing on a home that has 2 mortgages. I got an offer in the middle of september on this home. After the owner and buyer signed off, i submitted it to mortgage holder(primary) for review. They ended up countering and the buyer accepted the price. Next came the step of bank number one approving the buyer. Wow, what an ordeal. They wanted proof he could afford to buy the home, proof of funds, and on and on. Finally after 3 weeks of this, bank 1 said they would approve the sale but they won't deal with bank 2. Great, now i had to go to bank 2 to see what they would want in order to release their deed. After some negotiations, they came up with a number. Bank 1 wouldn't give them anything. So that money came from the real estate agents. Great we are ready to go. But there is a catch. Bank one was only giving us 9 days to get the property closed. This would not be enough time as the buyer was getting a loan and his bank now needed to get an appraisal etc. We told bank 1 that we could close 4 days after the set foreclosure date if they would just postpone the foreclosure. Bottom line is they would not and the home went to foreclosure. I couldn't beleive it. Buyer was able to buy the home, his bank would be ready to go 4 days later but for some reason bank 1 didn't care.
Well, we thought thats it. It turns out the buyer still kept sending persistant emails to bank 1 and low and behold, 5 days later they said they would rescind the sale and allow us to close on the home. Now the buyer gets the home, seller avoids a foreclosure and everyone wins. This deal has not yet been completed. I will update you on the final outcome.
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