What is wrong with the banks regarding short sales and why it pays to hire a specialist to help.

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What is wrong with the banks regarding short sales and why it pays to hire a specialist to help.

This is a true account of a real life real estate transaction. 

A real estate listed a home in Raytown, Missouri for $100,000. The seller owed more than $100,000, so the agent and seller knew it would be a short sale.

After over 6 months on the real estate market, the list price dropped to $79,000. Soon after dropping the price an offer for $69,000 came in from another agent.

The listing agent presented the short sale offer to the seller's lender promptly. After months of dealing with the seller's lender, the listing agent had no response for the buyer and seller, so the buyer cancelled the offer.

The listing agent really wanted to help the seller, so she continued her attempts to sell the home in Raytown.

After two years of trying to sell their home, the seller has not been able to sell their home. A friend recommended to them to hire a short sale real estate specialist, so the seller lets their current listing agreement expire then the hire a short sale real estate specialist. 

The short sale real estate specialist starts by making a request to the seller's lender to do an appraisal.

Although the home has newer mechanicals, paint, and decor; the appraisal comes in low. The seller's lender approves a list price of $35,000. 

In the matter of a few days, the home is sold and close and the seller moves on.

Just like many short sales, a short sale specialist has experience to get the lender to understand reality. The bank in this situation is looking at what is owed on the home, not at what the home is actually worth.

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