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Northeast Ohio Short Sales: Lenders Loses 50k Turning Down Short Sale

This bank's stockholders are probably unhappy after losing $50,000 over incompetence

Northeast OH – I have a good story today about another bank losing their shirt because their short sale process is so tough to work with.

The bank in question is a large, top 20 American Bank. They actually owned the loan in question. So their stockholders lost 50k from their negligence. Ouch!

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the story from a Stop Foreclosure Institute Member. “We met some buyers at an open house. They told us they were buying a house just down the street from one that we had for sale.

They had a contract to buy the house for $275,000. They knew the house was a short sale. They were getting frustrated because they had been waiting for the short sale to be approved.

They had already been waiting for several months with no answer. They mentioned something about 3 mortgages and the junior mortgages were hard to work with.

5-6 months later we noticed that the house was back on the market. They time the asking price was $229,900. It finally sold several months later for $229,000.

That means this bank lost $46,000 on the lower sales price. In addition, we estimate that the lender lost another $15,000 in lost interest income and property taxes.

That means this lender lost $50,000 to $60,000 because their short sale process was so hard to work with. To be honest, I would be kind of embarrassed if I was the CEO of that bank.

The other thing is that the short sale realtor in question was inexperienced. She had very little experience with short sales, which she openly admitted.

If that lender pushes for a deficiency judgment, that agnet’s lack of short sale experience could have cost those home sellers $50,000. Ouch!” Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at iandymorris@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (216) 324-6637

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Northeast Ohio loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: (216) 324-6637. iandymorris@gmail.com.

View My homes for sale at www.rtserve.com.

Andy Morris specializes in loan modification assistance and short sales in Northeast Ohio. Northeast Ohio Loan Modification Help, Northeast Ohio Short Sales, Northeast OH Short Sale Realtor, Rocky River Short Sales. Rocky River Loan Modification Help, Rocky River Short Sale Realtor, Bay Village Loan Modification Help, Bay Village Short Sales, Bay Village Short Sale Realtor. Avon OH Loan Modification Help. Avon OH Short Sales. Avon OH Short Sale Realtor. Avon Lake Loan Modification Cleveland Short Sale Realtor. Northeast OH Short Sales. Northeast OH Realtor.

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