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Just another day in shortsale paradise..

March 5, 2010

Well, it finally happened. We worked a shortsale file for five months, and BAM… it was taken over via foreclosure process, right out from under us. Another casualty in the war of the banks vs. the people. Though im not in the mood to rant over this, it just really sux for everyone, the buyer, the seller, the agents that worked so hard and didnt get paid for one iota of effort. We are experiencing a lot of firsts these days. Another first we had was a first mortgage and second mortgage not coming to terms. Quabbling over a couple of thousand dollars. Just a broken system that no one has the time, energy, efforts, or resources to fix, even with all of the governments money. I cant wait to look back on this 10-20 years from now and see what the “experts” say about it. It seems so obvious right now, sitting in the middle of the carnage. Sometimes I feel like a triage nurse in the middle of a battlefield. I pray that some good will come of this in the form of stability, lessons learned and actions taken for the next generation to flourish.

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One Comment leave one →
  1. Julie Real Estate Agent in Florida permalink
    March 6, 2010 3:49 am

    I totally understand what you are saying…I worked on a short sale for 8 months, I had both the buyer and the seller…The buyer at the last minute after bank approval, backed out and purchase a different house. So, here I am with a listing that I had to put back active. The problem is the bank approved price is now waaaayyyy too high. Prices are still declining here so I lowered the price 20k and we must start the process all over again! Buyers, I think, are becoming wise to this fiasco and arent looking at short sales much anymore…Why should they. In the time it takes the bank to order a BPO (Broker Price Opinion) and gather all paperwork, the price of the house has dropped below the offer …Big Fat Mess….I too feel so bad for the seller and am afraid this too will end up in foreclosure any day…

    I know many agents who have made their licenses inactive because they simply could not make a living….If your agent is still going strong in this market it is because she/he is an excellent agent! Kris, you are an excellent agent!!! Keep on keepin on…….

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