Friday, November 11, 2011

I'm Starting to Think Short Sales Aren't Worth The Hassle...

I finally got the Short Sale Consent letter from the first mortgagee (BoA). But it demands that the property be closed by 11/25. 11/25 is the Friday after Thanksgiving, not to mention only gives us 2 weeks to fund, douche-bags.

When I pointed this out to my genius real estate agent, she said the Seller's Agent will seek an extension of time. The only problem is, the Consent Letter clearly states that if an extension is sought, interest will accrue and either the Buyer or the Seller will be responsible for the interest. Uhhhh.... yeah. The deadbeat Seller is really going to have funds to pay the interest. Uh-huh. I'm not going to agree to pay interest on a loan that I had no involvement in taking out. Mea culpa -- If an extension is sought, the Consent Letter does not say that the Buyer or Seller would be responsible for the interest if an extension is requested. Only the Seller would be responsible. My real estate agent assured me that if the Seller can't come up with the money, the Short Sale Lender will eat it. Not so sure about that...

And here's another thing - - the Consent Letter states that it will give an allowance of $1485 to pay outstanding HOA fees. I previously inquired about outstanding HOA dues with my real estate agent and her response was a flip, "You're not responsible for it so don't worry." Ummmm... unless the HOA agreed to write off outstanding amounts in excess of $1485, I doubt it's going to give up its lien rights and the Seller won't be able to give marketable title. I again, requested my genius real estate agent to look into this.

Finally... the first installment of the real estate tax is due 12/12/11. If not paid by the due date, penalties will attach. Again... I doubt that the deadbeat Seller is going to have the funds to pay the penalty, much less the first installment.

I can't help but to feel that my real estate agent just wants me to sign to everything and get to the point of no return when they spring these "surprise" costs at me at closing. I have no faith that my agent has my best interest in mind.

I'm so over this stupid short sale.

3 comments:

Michelle P said...

Ughhh I'm sorry! What a hassle.

SpillingBuckets said...

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*not a sponsored comment, I just have had great experiences with the people Dave endorses.

spiffikins said...

I went through a short sale - the day before we were to close, the Seller's agent called up to say "oh, the Seller has no money to replace the toilets, so the Buyer needs to sign a paper saying she will be responsible for that, and she will pay for it". She also brought up the HOA debt and wanted each person to take on 1/4 of it - Seller, Seller's Agent, Buyer's Agent and Buyer - which meant that *I* would pay 3/4 of it, and the agents would each get smaller commission, and Buyer would pay 1/4.

The Seller's agent (mistakenly, it turns out) believed that 3 toilets needed to be switched out for low flow (it was only one in the end) and the Seller is supposed to either switch out the toilet or give a couple hundred dollar credit to the buyer for each toilet to be switched out.

I had had *enough* of this Seller's Agent (we never spoke to the Seller) - she kept coming up with these little things at the last minute - I told my agent, "they KNEW the HOA and toilets needed to be paid for - this is not a surprise - Seller's Agent can take it out of her commission on the existing price - I am not coming up with more money".

Somehow they *magically* got it sorted out :D