What if I told you that Banks had a great sense of humor? What if I told you that sometimes, during short sale negotiation, and when we have a full blown short sale approval, the bank sells the loan to another bank.
I know what you are thinking, that is crazy! It is, but it just happened again. We had been in process with a short sale in Stevenson Ranch CA. We had the buyer lined up, we had the hardship letter completed and submitted long ago. We kept the bank updated as to the status of the buyers loan, the seller’s accounts and income, plus we have given them everything that they had ever requested.
This bank will remain nameless – but for the purposes of this story, we will call it, “Bank of the Reservoir Tip…” – BRT for short.
BRT made it very difficult from the beginning. With requesting us to send documents multiple times, with having to re-send letters giving us authorization to speak to them on the sellers behalf. Asking for status only to have us told it had been denied. Only to call back the next day and find out the person that answered the phone, had no idea what they were talking about.
Talk about a roller-coaster. However, it was almost done. The sellers were happy, we were happy, the buyers were happy and the buyer’s agent was happy. All was good in the world. Kind of like when Unicorns, Rainbows and cotton candy come together.
With such a happy story being told – there can’t always be Sunshine and Lemonade. In this case – the bank sold the loan to another bank. While we were in escrow, after we had short sale approval, the bank sold the loan to another bank.
Interesting yes? Dumfounding to say the least. You know what else is interesting about this scenario? It is not the first time this has happened with Short Sales that are approved, inline to close.
The best advice you can get is from someone that has experienced all of the various circumstances, land mines and speed humps that can get thrown in your way. That is why we have to stay on top of the most current training and short sale certifications that any agent can get. That is also why we have expanded our staff to include a Short Sale Negotiator that is on our Direct Payroll, working out of the offices of the Paris911 Team at RE/MAX.
Do you know what makes me happy? The fact that I have the ability to type with a bluetooth keyboard onto my iPad with my WordPress app. I can sit in my call all day and type away. Giving value to our short sale clients and talking about what I know best.
Thanks for reading