Once upon a time there was a lovely property that showed beautifully, located in a highly desirable neighborhood and priced to sell. Unfortunately it was during the down turn and the property was going to appraise for less than what was owed. The Seller was upside down after building their dream home and the only option was a short sale or foreclosure. Fortunately the lender was willing to work through a short sale process and presented the terms that they could accept for a sale. This was almost unheard of at the time, as most banks would simply advise to bring them an offer...which left all parties in never-never land of wondering what would be accepted, when (if ever) they might have a response on their offer, and if an offer finally turned into an executed contract - if it would close before the foreclosure department foreclosed. And yes, for those of you who have not worked through this process, some of the big banks have no control (or knowledge of) other departments within their company. So you might have an executed short sale contract only to have it on the court house steps before it can close and fund.
At the end of the day all turned out as well as could be expected..the Seller had the very difficult task of moving out and leaving their dream home behind. But it was a less painful process than it might have been as working with a smaller bank with a live contact that could be readily reached (yes, actually answered the phone) allowed the outcome to move in the best manner that it could given the circumstances.
BROKER/ASSOCIATE/REALTOR, ABR, AHWD, ALHS, ASP, BPOR, CAPS, CDPE, CGP,
Multi-Million Dollar Consultant
Texas Licensed Real Estate Broker
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