Monday, August 9, 2010

Experience with short sale this week

Well, well after waiting forever (what seems like forever) to get a short sale approved by BOA, the buyer's lender didn't come through. During the entire approval process of trying to get BOA to approve short sale, the buyer and the buyer's lender called continuously. When are they going to settlement? They are tired of waiting? They are going to buy another house? All of these questions, over and over. Called at least once a week, sometimes even twice or three times. Then we're finally ready to settle and the buyer doesn't qualify to buy the property. Every time they called I would reiterate to please have loan in place to settle. The lender and buyer assured me all is okay. Well not!!!! Very frustrating for my seller who has waited so long for this process to get approved for short sale and then buyer dumps on us. You would think that the lender would know the buyer didn't qualify after waiting months for approval of short sale. Property back on the market while buyer tries to get a co-signor. Never a dull moment in Real Estate.

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