you’re kidding me, right?!?
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recently one of our short sales was denied in equator. the reason listed was “oops”. as a company that manages and facilitates short sales all day everyday, we seem to hear it all!
although there have been some significant strides made in the right direction, including the implementation of equator by certain lenders and staffing up, we still find that sometimes what we hear and see from the banks in short sale situations is illogical and really sometimes even downright funny! after all, if we can’t laugh, we’d likely go insane when it comes to managing short sales.
another funny comment we received on a recent short sale we closed was from the negotiator. this had to do with their wishes for the seller to bring cash to closing. it was very apparent with all of the financial disclosures provided to the lender that this seller had absolutely no assets! when the seller asked where they could come up with funds to bring to closing in order to get the short sale approved, the negotiator simply told them “have a garage sale”!
another seller we worked with literally had $4,000 in his checking account – those were his total assets. the bank quickly decided they wanted these funds. this guy had 3 kids and a life to try and pick up the pieces on and this is all the money he had. they literally were going to have this gentleman bring his last penny to the closing table. we advised the lender this would be a volatile situation and quickly, the lender backed down. again, sometimes, we just sit and scratch our heads. we understand, the banks are trying to get as much as possible to mitigate their loss but to take someone’s last penny is beyond drastic and not logical whatsoever!
we see and hear it all when it comes to these complex, lengthy and frustrating transactions and we know you do too. the best advice we can give is to keep a sense of humor throughout the process because if you don’t, you will drive yourself nuts; or more likely the banks will drive you there!
would love to hear some of the wacky and potential nonsensical comments in short sales you’ve worked on that have been denied. what has your experience been overall? what is the craziest thing you have heard from a lender on a short sale you worked on?
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