Short Sale Information

While my business is primarily helping homeowners avoid foreclosure through the te short sale process, last week I represented a nice young couple who had waited 5 months to get the home of their dreams. Yes, it was a short sale listed by another realtor.

My buyers and their 6 week old baby , the mother of the buyers, the sellers, the 2 closers, the loan officer, myself and the other agent (about 45 miniutes late) all were at the table.  The sellers had even brought a present for the new babyas a house warming gift.

All of a sudden the sellers looked over the paperwork and found that the bank had not released them from the mortgge and could come after them for over $50,000. Their agent had a “deer in the headlights” look .  Then said to me ‘Tom you do a lot of Short Sales . Don’t you think this paperwork is alright?’

I responded that I use attorney’s to review all my paperwork so that we never end up in a situation like this. And no, if I represented the sellers I would allow them to sign it.

Ten  days later we have not yet closed. The other agent is working on it. My buyers are considering moving on even after waiting all that time.

For more information on Short Sales in Mn go to   www.twincityshortsale.com

This entry was posted on Tuesday, July 6th, 2010 at 3:48 pm and is filed under Short sales. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.