After working on numerious short sales I am rarely amazed by the twists and turns but end up learning something from each one.
Currently I am working with a large bank that is servicing a loan and will not consider postponing the foreclosure sale date because they only service the loan. The investor has set the bidding instructions at a certain level and now say the short sale amount is below this amount. Talking with the banks loss mitigation department, which is a challenge in itself since you always talke to someone different and all they do is read the notes on the file. Well I was told there was nothing I could do it was set for sale and that's that.
The value the investor of the loan set is unrealistic and the short sale buyer is close to market value. Who said banks didn't want properties to go to foreclosure......they are doing nothing to help the situation.
So after some investigating I found the investor who purchased the loan and am attempting to communicate with them to dispute the value set for the sale date. I am hoping to postpone the sale and get an approval on the short sale.
Of all the ones I have dealt with this one has been one of the more challenging because of the tight time frames.
Short sales require a lot of patience but more persistance than anything. Getting the answers and completing a sale sometimes takes 4 times the amount of work of a normal sale but once competed is very rewarding. These short sales should be called 'Long Shorts'. Being able to help clients prevent foreclosure is a great acheivement I am proud of.
I strive for 100% success rate but hear other agents say it should be around 70-80%. This is not my idea of success but might be realistic. I have yet to not complete a short sale transaction.