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Why Do Banks Call Them Short Sales? They Should Be Called Long Sales!

This post was written by jd on April 22, 2011
Posted Under: Real Estate

By John J. O’Dell

I wonder why banks call short sales, short sales?  Of course, what they mean by a short sale is that they are agreeing to sell a house for less than the mortgage they hold on the property. After that, short sale means you will complete a sale within a period of three months to one year, maybe.

I’ve had two short sales going since November 2010.  Last week, one of them gave the go ahead to proceed. Now remember, my buyer has been waiting about five months. So they can wait as long as they want, but they want the buyer to close the deal within 30 days.  Of course, they don’t sign the purchase contract, they just tell you go for it! They send you a one sided contract with their very own terms. You ever notice banks make their own rules?

My other “short sale”, started at the same time. Well, seems like the bank lost all the paper work. So they said they were not going to go ahead with the sale.

It’s a good thing my client has a very lady like scream. So the short sale is back on again.

The process is simple, (not) you submit tons of paper work.  Then they assign a negotiator who emails you and tells you to upload all the documents you have already uploaded for the second time. (like I said, that’s the same  documents that I uploaded in November and they lost)

So I don’t know how long I will have to wait for this second short sale, but I’ll let you know, in the meantime don’t hold your breath. I want you around to read my blogs.

 

John is a real estate broker
General Contractor and civil engineer
You may reach John at Email jodell@nevadacounty.com

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