Tampa Short Sales - Not Usually Short and sometimes not a Sale

Well, the Tampa Real Estate market is running at full speed as well as the Tampa Foreclosures and Tampa Short Sale market.  But the problem still remains with the banks.  Some banks have gotten very good at short sales, some still can't figure out their butt from their elbow.  I have a listing that is under contract, it is a short sale, the Bank involved start with 'ity' and ends with 'ank' if you know what  I mean, I have had a contract in with them for about 4 weeks, they acknowledge the offer, the acknowledge the paperwork for me to speak on behalf of the borrower, but trying to get a single name of who has this account is where the problem is.  They call my seller twice a week and every time they call, he gets a different name of who is responsible for the file.  First it was someone local, then someone in India, and now they are unsure.  I know that the process of a short sale can be complicated since the bank typically doesn't actually own the loan and are just a servicing company (not always the case).  But as a servicer, they should be able to define an individual to speak with...pick someone.

I had another listing that was a short sale, had an offer on it for close to mortgage owed, the bank never responded and then tried to foreclose on the property.  When the judge heard about the contract and the lack of response from the bank, the judge threw it out and basically said no foreclosure today.  That property ended up selling after a second offer came in at $40k less than what was owed to the bank.  This was 6 months later.

Short Sales are happening, although not so short, and we have had about a 90% success rate at getting them closed, but it takes the right mix of people to get this closed, the right level of commitment to get it done, and the right level of understanding that honey catches more bees!

• Rate this Post!

  Select Your Rating:

  • 5 Stars (Excellent!)
  • 4 Stars
  • 3 Stars
  • 2 Stars
  • 1 Stars (Poor)

• Share this Post

  Share With A Friend:

  Your Name Your Email

  Friend's Name Friend's Email

  Optional Message

  Send

• Print
• Social Bookmarking

  Add to Bookmarks: