Cleaning up the last agents mess - a Bank of America short sale tale

Cleaning up the last agents mess - a Bank of America short sale tale

When I first met my client she had a current listing with another agent. Priced at just what was needed to get out of the loan, the Glastonbury, CT house had sat on the market for 6 months for $80,000+ over market value. The previous agent had refused to do a short sale as she didn't understand them and- TO MY INCREDIBLE SURPRISE - had still taken a $5,000 retainer on the listing despite knowing she was incapable of handling the transaction!!!!

Realizing very quickly that she was facing an inevitable short sale, my new client still had to waste the next 6 months waiting for the current listing to expire. Thankfully there was no foreclosure date set or the consequences could have been much worse.

UNREAL!!! - IVE SAID IT BEFORE AND ILL SAY IT AGAIN: IT IS CRITICAL TO CHOOSE THE RIGHT REALTOR FOR YOUR SHORT SALE!

 IF YOU SEE ANY OF THESE SIGNS YOU DO NOT HAVE THE RIGHT REALTOR.

Anyway, back to the story... once the previous agent was out of the picture and my clients $5,000 had been returned, I took over the listing and immediately corrected the price of the property. Less than 30 days and multiple offers later a strong buyer was secured.

Although EQUATOR processed Bank of America short sales are generally pretty quick and easy, this particular short sale was rather complicated as my client was current at the time and had significant income and great credit.

Despite these pressing issues that led to a several weeks long negotiaton period, eventually a settlement was reached. My client did end up with a cash contribution into the short sale, albeit for pennies on the dollar amount of the forgiven debt. Bank of America issued another FULL DEBT FORGIVENESS APPROVAL and a few weeks later we closed.

TO ALL THE AGENTS THAT TAKE ON SHORT SALES THEY ARE NOT TRULY CAPABLE OF HANDLING: YOUR CLIENTS FINANCIAL FUTURE RESTS ON YOUR EXPERIENCE HERE. WHEN IN DOUBT, JUST REFER IT OUT!