Relocate to Wisconsin : "It's Not Fair for the Bank not to get ALL their money," said the Would Be Short Sale Buyer

"It's Not Fair for the Bank not to get ALL their money," said the Would Be Short Sale Buyer

 Golly gee whiz...and just when you think you have heard it all...we had Buyers who went back and forth ...forth and back and around in circles deciding whether or not they should buy a short sale.  They clearly loved the house according to their agent...and multiple showings would indicate that was true.

     Upside down houseWe explained in detail to the agent ...who had never written on...listed or had any experience with short sales and was fed information by other people in his office...what the process was....the time it can take...yadda yadda.

     What if...and then what...and the dialogue continued...the Sellers waiting to learn if this would ever culminate in a legitimate offer.  

   After literally weeks of having the Buyers ponder the sale...the Buyers agent came back to us..."It just isn't fair to have the bank get less than tBankerhey owed." Really ?  Really ?  From day one...what did you think that the definition was of a SHORT SALE ?

     Through the years of working with short sales...knowing the inefficiencies with which most are handled by lenders...feeling sorry for them is not where our heads are...Feeling sorrier for Sellers who got stuck through no fault of their own in the fall of the housing market...a whole different feeling !

    If you or anyone you know is unable to pay their mortgage OR is thinking of writing on a short sale...it is the kindest thing you can do for a distressed Seller...the Bank loses far more money when a house goes into foreclosure.    Call the Hansons wherever you are...if you are not in southeastern Wisconsin, we will refer you to a qualified agent in your area.

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Comment balloon 13 commentsSally K. & David L. Hanson • May 03 2016 06:34AM

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Sally K. & David L. Hanson "It just isn't fair to have the bank get less than they owed." Really ?  Really ?  From day one...what did you think that the definition was of a SHORT SALE?"  Some folks just don't get it! Re-blog!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) about 2 years ago

Working short sales is not for the faint of heart (Agent) Sally K. & David L. Hanson ...you did all you could to help that agent though!

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) about 2 years ago

When I was doing short sales, there were so many statistics on how much more the banks made if the 'got to' go thru the short sale process. Mind boggling. Trust me, they weren't losing any money.

Posted by Mimi Foster, Voted Colorado Springs Best Realtor (FALCON PROPERTY SOLUTIONS ) about 2 years ago

The bank is not who you feel sorry for, it's those who are losing their home, and all they put into it...financial and otherwise. Hard to believe someone is that clueless

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude - Carlsbad (Solutions Real Estate ) about 2 years ago

Excellent blog on Short Sales Sally & David. You have to really know what you are doing to deal with one of theses properties.

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) about 2 years ago

Well, as I've often said, Sally and David, it's just really, really hard to fix stupid!

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (RE/MAX Executive | Charlotte, NC) about 2 years ago

Sally and David, I agree that the Lender should get their full money back.  They did not hold a gun to any ones head telling them to buy the property.  BUT having said that, you are right that lenders would much rather do a Short Sale than Foreclose on a homeowner.  Also if those Buyers feel so bad for the lender, they should offer to pay the full remaining balance on the property :)

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 2 years ago

Hi Sally.  What these dumb asses don't realize is that because of the lender's loss write off the tax payer participates.

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) about 2 years ago

That is pretty crazy Sally. but we have been in this business long enough to have seen it all, but that was a pretty crazy statement.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) about 2 years ago

Short sales were created to pretend there were not so many foreclosures.

The banks are insured against total loss.  That's why the short sales work, no matter the price.

Posted by Jay Markanich, Home Inspector - servicing all Northern Virginia (Jay Markanich Real Estate Inspections, LLC) about 2 years ago

Wow, that's a new one for me, Sally and David.  Though, these buyers could always give the bank what is owed!

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 2 years ago

That is one sympathetic buyer. Doesn't he realize that the bank's loss is his gain and the house is only worth what a buyer is willing to pay?

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) about 2 years ago

You have to wonder abuot people who worry more abouot Banks thn distressed Sellers....

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (Keller Williams 414-525-0563) about 2 years ago

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