Persistance Is The Key When Getting A Short Sale Sold!
Friday closed the book on one of the longest transactions I have ever
been involved in.It makes no sense to me why the bank
took 16 months to make up it's mind!
This home was a 2 Trust situation, but both trusts were with the same
bank...Wells Fargo! The first contract we received held in there for
two months, and when the bank asked them to increase their purchase
price, the buyers walked.
The second buyer came in and wrote a contract for the amount that the
bank had countered the 1st buyer with - after three months the buyer
asked for $15k in closing costs and the bank laughed.
Finally a nice young couple wrote an offer less than what the others
came in at. Of course the bank countered immediatley and the buyers
adjusted their sales price. What happened next was disturbing.
After two months of waiting, we received no response. So we decided
to go above the negotiator we were dealing with and spoke with the
regional supervisor. This proved helpful...to the extent that we
received a new negotiator. This negotiator then countered $65k!!!
There was no justification for this, the seller had no savings, and the
buyer was not going to change their purchase price to this amount.
After digging and digging, we discovered that the motivation of this
increase was an increased compensation structure for the negotiator at
After getting them to realize that this was a great buyer and a good
contract, we got it through and approved.
What a relief Friday was for the sellers - finally ending this
situation and moving on is a huge burden removed. No matter how dire
the situation, you can never give up hope that the approval is right
around the corner.
Jimmy Mulhern - 571-247-1638