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Temecula Short Sale Specialist

Short Sales and Property Management in Temecula & Murrieta CA

By Sidney Kutchuk | Broker in Temecula, CA

Banks Play games with Sellers in distress.

Short Sale Banks love to Play Games with sellers in distress.
Banks playing games

I am working with a large bank trying to save my clients Temecula home from foreclosure via a short sale.
The banks negotiator is playing games with us,she has three times given me a verbal counter offer each time asking for a higher sales price. The buyer has agreed twice to go along only to now be told again quote"the file is under review" and guess what they now for the third time are asking for more money. This time they gave me a net price that must be met.They don't care were to extra funds come from (hint COMMISSIONS). Well the home was a good buy but now it's no bargain and the buyer is walking from this short sale.

Short Sales should not be a game for the banks to play.I take my job serious and so should the banks.I now have to go back to the bank and work thru their broken short sale process. I will save this home from foreclosure via a short sale it's just going to take longer than it should. Games banks play


Comments

By Chris Blasic,  Sat Sep 18 2010, 00:09
Keep up the fight Sidney! We have all dealt with crap from the banks and you will lose some battles but eventually win the war!!

Good Luck!
By Sidney Kutchuk,  Sat Sep 18 2010, 00:36
Thanks Chris,
Blogs are a great way to vent.
By Kathy Persha,  Sat Sep 18 2010, 08:03
Sidney, I couldn't agree with you more. I've been doing short sales for almost five years for my clients and it has gotten harder, not easier to get them approved. I just had one declined where the BPO came in at $45K. I have a cash offer of $65K but the bank won't approve it unless the unemployed homeowner signs a promissory note for $30K. So, good ole Bank of America is taking the house back when redemption ends in two weeks as an REO where they will probably sell it for somewhere around $35K - $45K. Why are they doing this? Because we have made it more profitable for the banks to foreclose, get taxpayer money from the government and then sell it as an REO. http://kaperproperties.com/
By Sidney Kutchuk,  Sat Sep 18 2010, 08:58
Kathy,
We keep hearing that banks agree to short sales because it saves them money.
But they have to many Indians and not enough Chiefs running the company.
By Lisa and Goran Forss (Broker),  Sun Sep 19 2010, 22:12
Hello Sidney: Short sales can be very frustrating, as you know. We feel for the home owners who are upside down on their mortgage, and also the home buyers who are waiting and waiting for a response! We have had some short sales approved for 2 years, and still no closure. In our market (per latest board meeting in Sep 2010), 70% of short sales fail to sell!
By Sidney Kutchuk,  Mon Sep 20 2010, 09:47
Hi Lisa & Goran,
70% sound high but after looking into it more I find that data correct! The high failure rate is not just because of the banks,many short sales fail due to the seller not providing the documentation needed.

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