January 2007 – local client makes offer on a home that they have always admired that is now on the market as a short sale. They make an offer knowing that it may take several months but they don’t have to sell their current home in order to purchase. Every week I call the agent for an update and of course get no news. Every month we send an addendum to keep the offer current. On July 18 I receive a report of the homes that are currently going to the courthouse steps. Low and behold I see the address of this property with a date of July 16. I call the agent again and she says that is not correct but last week I get a call from her stating that the second lender will not accept a short sale and property will now go to Trustee’s sale on August 13, she has no more information. The last recorded document was that the sale was to take place on 7/16 but no one is sure if it went through or not. Client is still insisting on purchasing the house. Where do we go from here?
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john
Does that happen to be a new house in the Galena area with a very nice modern and partially orange interior? It sounds like a similar situation to a house we have been admiring/hoping to buy for some time.
smarten
Where do we go from here?
If you’re talking about your client, marshall your cash and go to the trustee’s sale.
If you’re talking about yourself, this should be a lesson that you’re wasting your time chasing “short” sales.
Dave
So what happened at the Aug 13 Trustee sale?
Seems the MLS rules should at least require banks, when listing, to agree to sell at the price they ask. I know there are issues, but they’re burning up realtor’s and buyer’s time and effort by listing property they really can’t/won’t sell at the listing price.
JoAnn Corriera
Here are the results for the above mentioned short sale saga. Property was sold at Trustee Sale for $373,575. It is now back on the market for $548,900.