"Oh, I'm So Glad You Called..."
Short Sale Communication
Yesterday I received word that my buyer-client's Arizona short sale contract would, in all eventuality, be "lost" because Freddie Mac never approved the Bank-of-America approved contract between buyer and seller.
What that MEANS is, although the seller approved the offer and it became a contract contingent upon Bank of America's acceptance - meanwhile - bank of America was contingent upon Freddie Mac's acceptance.
And Freddie Mac never got around to approving it in the months we've been waiting?
Now, when I've been representing my sellers in a short sale in the past, the foreclosure date is something I kept a close watch upon. As long as there was an accepted contract between buyer and seller, I've always been able to get that foreclosure/trustee sale "postponed". Maybe that's not always the case, but that's just been my experience.
For some reason, the seller's agent in this scenario did not. I'm not saying that anything this agent did, or did not do, caused this situation, but, I roll my eyes a bit when I call an agent in the afternoon and they start the conversation with, "Oh, I'm so glad you called because YESTERDAY...." It makes me think back to all the times I called and he'd missed emailing in a paper here, forgot to follow up there - adding to the whole time factor involved in this AZ short sale.
Communication between agents is crucial in a short sale situation and our clients depend on our disclosure of the facts. I can't tell you how many phone calls and emails I have saved in just this one example that say, "Don't worry, your clients will get the house." Just got one from him four days before this, in fact.
Sigh. Thing is - in a short sale, nothing is really concrete, and the more experienced the agents are in working with short sales, the more I can trust that diligence, disclosure, obedience, accounting - these things we promise our clients - take place.
I feel sorry for my first-time home buyers - at least they have the resilience to begin their search anew. For the home SELLER on the other side of this transaction - I can't help but feel deep sympathy. They were hoping for a short sale and ended up with a foreclosure.
If you have are upside down with your mortgage or have questions on short sales, deed-in-lieu, and other financing questions, please give me a call. I always recommend you talk to your lawyer, or your financial adviser FIRST - but I'm happy to assist in your process and do promise diligence, disclosure, obedience, accounting, and above all, loyalty. After all, that's our job - plain and simple.
If I can assist you in your home buying or selling in Marana, Tucson, Oro Valley, or Vail, please don't hesitate to call me! Email at firstname.lastname@example.org
Cara Marcelle Mancuso, Long Realty, (520)909-2988
Regarding the material posted in my blog postings, these are my personal opinions and not those of Long Realty Company
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