In The End Everyone Looses when Short Sales are Denied.

One of my short sales was denied by the bank. The reason was not because I did not have an offer because I did.

 But let me start this story from the beginning not the end.

 It was July of 2009 that I met with the seller. She purchased 3 condos with an Option Arm loan and paid $170,000 for each unit. The last unit sold in the building was $29,000 and this was a 2 bedroom/1 bath foreclosure sale just like my sellers unit.

I had the unit listed for sale at  $50,000 and the “Highest and Best” offer was $35,000 cash offer. The unit was listed for 340 days and was seen by 337,000 people on Realtor.com. This really was my best offer.

Chase Bank was the servicer of the Loan while BOA was the investor. In the end Chase bank would not submit our Cash offer to the Lender because they said it was too late and the file was too old.

Poor Excuse. In the end everyone looses.

  • The Bank looses because any offer in the future will be less than what they received today.
  • The Seller looses because they end up with a foreclosure on their record.
  • The Buyer looses because he does not end up buying something they want.
  • The Tenant looses because he has been paying rent and now is being forced to move even though he did nothing wrong.

 I am starting to think both Chase and BOA are doing nothing but C-T-A (Covering their Asses) when it comes to the current real estate market.

We need to change that soon.

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