Ed's Chesprocott Region Blog: The Short Sale Was Denied, and The Sellers May Have Had Poor Representation

The Short Sale Was Denied, and The Sellers May Have Had Poor Representation

Working to Get a Succcessful Connecticut Short Sale

The email I received from the seller's agent read simply: The short sale was denied, can you offer suggestions as to how to proceed?  As I represented the buyer, I had to break the news to my client and they were disappointed, but also, being asked how to possibly proceed forward was out of the ordinary.

Connecticut short sales

Going back to prior to entering an offer, I had called the other agent to try and determine some background for the home. Knowing that I cannot have compete knowledge of the deal, I still wanted to know who the lender was, were there any secondary liens; who was handling the negotiations and had they prepared the package for the bank.

The sellers personal lawyer was going to handle the short sale but the agent could not tell me if they had any experience doing them. Also, I asked the agent if they had counseled the seller and they indicated that they hadn't.

From the nature of the responses after the rejection, I had to wonder if these sellers ever had a chance.

Short sales are still a reality in Connecticut, as are foreclosures. Many agents will take the short sale listing but if they don't fully understand how to counsel the client and at the very least know how the process worlds, the seller's chances of a successful Connecticut short sale are reduced before they even get started.

Sellers needing to sell short in Connecticut should have some understanding of how to proceed or at least know what questions to ask the agent.

First, has the agent taken any courses or seminars on short sales?

Has that agent had a successful short sale?

Is the person that is going to do the negotiating for the seller had experience and understand how the house should be priced and marketed?

No short sales are ever guaranteed to be completed, but the chances are greatly lessened if the people working for the seller are just going through the motions. The requirements for short sakes are ever changing and having a Connecticut agent that understands the process and knows how to guide the sellers is critical to the completion.

We do Connecticut short sales. We understand the process and know how to explain it to the sellers of a distressed property. While no one can guarantee the results, it is important to at least have a fighting start.

 CT Short sales

The Short Sale Was Denied, and The Sellers May Have Had Poor Representation

 

 

Search for all Connecticut homes 

Subscribe

 

 

 

 

Do you know somebody who is behind on their mortgage and doesn't know what to do? I may be able to help them, especially if they are facing foreclosure!

Get Help with Short Sale in Connecticut

    www.ctshortsalesilva.com

 

 

 

 

Whether looking to buy or sell, we service the Greater Waterbury towns of Beacon Falls, Bethany, Cheshire, Naugatuck, Middlebury, Southington, Thomaston, Waterbury, Watertown and Wolcott 

Ed Silva  RE/MAX Professionals,  www.edwardsilva.com  203-206-0754

Comment balloon 8 commentsEd Silva • December 15 2015 07:36PM

Comments

Good morning, Ed Silva it's very sad to hear that a seller who could have had a successful short sale transaction will now go to foreclosure.... not only should the agent be well versed with short sales, but the attorney who is negotiating with the bank MUST have significant experience with this task....we have very few short sales here, but when we did, we used an attorney who knocked every one of them out of the park.... the bank pays her fee and she collects an "increased" commission for the agents.... all of the agents filtered their deals directly to her...

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) over 1 year ago

Good morning Ed, I've never had a short sale denied and have done plenty of them. They're not easy transactions, as the listing agent, you have to know where and whom to go to. I always use an attorney for all my short sales but very much involved with the process from listing to closing.

Posted by Beth Atalay, Cam Realty of Clermont FL (Cam Realty and Property Management) over 1 year ago

Ed nothing short about the Short Sale process.  I have a Borrower right now that has been waiting for over 120 days.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 1 year ago

Ed this was such a normal problem for us three years ago, I am sorry to hear that Short Sales are still the norm in CT.... so much for our Fearless Leaders increasing the Short Term interest rates....Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) over 1 year ago

Good morning Ed. That sucks for many reasons and you make be right about representation that was not very good.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) over 1 year ago

Ed, that is a unfortunate deal.  If the agent did not do short sales, they should have referred it to someone who could.   Severe disservice to that seller.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) over 1 year ago

I am always saddened to hear these stories, it's so true.  If you don't have the ability to offer the type of services required for a short sale transaction, don't take the deal. 

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORs® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) over 1 year ago

Hello Ed ... sorry about the short sale and I don't do them myself, and I don't think there is anything short about a short sale 

Posted by Robert Vegas Bob Swetz, Las Vegas Henderson Homes for Sale (Realty ONE Group) over 1 year ago

Participate