Some Banks Getting Harder to Deal with -- Shortsales

I have been experiencing the Banks getting somewhat tougher to deal with in regards to negotiating shortsales, especially Bank of America. In order to get things done, I have had the negotiator insist on reducing commission to 4% as well as having the seller come to the table with $5000 dollars, pushing for $10,000, but accepting $5,000. Also time on the file to be even looked at is extremely long. Every time I called the seller, she was so irate about Bank of America, often driven to tears. She felt disrespected by Bank of America and of had quite a few descriptive words to say about them. The sale however was completed, and everyone breathed a real sigh of relief.

GTE has been easier to deal with however. One of my sellers told me from the beginning that the bank could forget about completing the shortsale if they insisted on a deficiency judgment. The home was their primary residence. I went forward with the shortsale negotiations believing for the best. The shortsale was negotiated, however the shortsale approval letter stated that the seller understood that the bank may consider a deficiency judgement. The seller by that time was just about over it. I called the bank once I received the expected approval letter and let them know that the seller said they could not agree to that. I was told that was standard and it would have to remain. I asked her what would have to happen in order to get that removed. I was told that the mortgage insurance company would have to sign off on the request to remove the verbiage and also a manager at GTE would have to sign the letter once she received it. I said, "Well could you try to get that done so we can get the deal done?" -- the mitigator said "sure". After about 5 days, I received the letter with that contingency removed. My seller was soooo excited and relieved. The sale went thru with buyer, seller, and realtors very happy. The buyers were expecting their first child. The Sellers could move into a home in the same area and were very excited to put everything behind them. God was with us.

Please let me know if you have any questions about selling a house behind in payments in Tampa Bay, selling homes in 4 counties - Hillsborough, Pasco, Pinellas & Hernando Counties.

Warmly,
Stephanie LeFew
Broker, Tampa Home Buy Realty
Tampa Real Estate for Sale at Incredible Reduced Prices
813-624-3332 cell
stephanie@tampahomebuy.com / www.TampaHomeBuy.com