Often times I wonder ‘what could there possibly be to write about today?’, and then along comes Mary! And I hesitate to write too much negative info, because I don’t want to discourage you from doing a Short Sale, it is still far better for you Mr. or Mrs. or Ms. Seller, to go thru that process than wind up with a foreclosure on your record.
By the way, I have a foreclosure from waaay back, when this all started in 2007, and am having trouble getting a car loan because of it. Go with the Short Sale. Far better for you.
Anyhoooo….I was just online with some other Realtors I network with regarding short sales and getting them closed. One person told a story of a short sale processing company called REDC who works some of Bank of America’s short sales. REDC approved the short sale, approved the final HUD 1 (estimate of proceeds to seller), money was wired, and the sale closed. Five days AFTER the closing, REDC came back and said, no, we need the HUD 1 adjusted, and the money sent and divided between two loans (there was a first and second loan). Five days after the closing…and guess what? Money was distributed to the lien holder and investor, and buyer was already in house, transaction was closed, agent was paid their commission. REDC was just crazy, money was already distributed, and they wanted to recall it and reconfigure!
Luckily for the seller and buyer, this did not effect them, nor stalled the closing nor sale (as it was completed already!), but still is so illustrative of the lack of competency with which many short sales are handled. That lack is what drives us crazy, but luckily, many Sacramento short sales do close.
Sigh….another day in short sale paradise.