Sunday, October 30, 2011

Short Sale Whiplash - Update

My agent called me last Thursday to tell me that she got verbal confirmation that the Short Sale Lender approved the short sale at our offer price. My agent seemed excited but I was less than thrilled since: a) I was on a business trip and was tired and b) I don't believe it until I actually see the Short Sale Approval letter.

At the risk of sounding like a broken record -- what an idiot this Short Sale Lender is. Had they countered even slightly less than their original counter, I would have (probably) increased my offer slightly. Instead, they countered twice with a comp price that is (probably) no longer applicable in this market. Their arrogance sufficiently pissed me off to make me want to walk away from this property.

If this is how most Short Sale Lenders negotiate, I have little hope for the housing market and the economy rebounding any time soon. These banks won't be getting these defaulted properties off their books quickly enough and they won't be negotiating top dollar either. Ay, ay, ay...