ASC cuts off nose to spite face - A Connecticut short sale success story

ASC cuts off nose to spite face - A Connecticut short sale success story

Owed:

ASC (Wells Fargo): $220,000

9 other random liens: $21,000

SOLD: $102,000

After a year of being listed with another agent at a too-high price, ZERO price reductions and no marketing except a single mls pic and a lot of misinformation ( including the wrong bed/bath info) these sellers were on the brink of foreclosure when they called me fall of 2009. 

About a week after a price correction and full marketing, a buyer was secured willing to pay $157,000. Negotiations with ASC began. Unfortunately this property came with some extra baggage - 9 non-mortgage judgement liens totalling just about $21,000. I requested a modest payoff on these from ASC. After many weeks of back and forth with my negotiator, ASC flat out REFUSED to pay ANYTHING towards these liens.

The buyer walked. Left with no way to pay the liens, we decided to sell the house with the liens attached. Long shot - but the only hope.

After a second buyer came and went and we rolled through a few more negotiators, a third and final buyer was secured. This cash buyer was willing to pay $102,000 for the property, and he was willing to deal with the junior liens.

Several more weeks of run-around followed, until ASC APPROVED THE SALE FOR $102,000.

We closed the short sale last week (May 2010) and both seller and buyer went along their merry way. Unfortunately, along the way ASC also killed their chance to collect and additional $55,000 in proceeds by refusing to address $21,000 in junior liens in any way. GO FIGURE!

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