Wednesday, May 7, 2008
Details of a Short Sale Transaction
We are dealing with one of the largest sub-prime lenders on a short sale transaction. This lender - to remain anonymous - let's just call it Lender "C" - has a submitted offer from a buyer to purchase the very upside down home. The borrower is in dire straits and needs relief. The reply we got was that within 30 days, a "workout specialist" would be assigned to the borrower. We were asked to wait 30 days before calling back. What may I ask, is the point of this lack of haste??? Doesn't Lender C want to solve their problem situations? Isn't there a workout specialist available to talk to now? Can't we just keep pressing the 0 button on the voicemail system to talk to one? This, my friends, is the hell of buying a short sale. Granted, it is still a good deal, and you have to ask, is it worth the wait and the brain damage? Give me a conduit loan any day instead!