Tough Short Sale shocks even 2ShortSaleGuys!!!

Many times Bill and I are questioned as to the complexity of doing short sales.  Most people think that if you have done one short sale you have done them all, however that's not exactly true.  In fact, facilitating Short Sales is kinda like law enforcement, you can do it for 10 years, think you have seen everything and then the next day you are surprised yet again.
Today's biggest challenge in Short Sales are second mortgages.  Both mortgages have to be worked at the same time, sometimes with completely different short sale packages.  In most cases the mortgage companies understand they are going to make more money than if they just foreclosed on the home.  

Last week we had a very tough case with 21st Mortgage from Knoxville, Tennessee.  We processed the first mortgage at the same time as 21St Mortgage.  When we got the first approved to avoid foreclosure of the home owner we started pushing the second with no success.  One of the things we can do is escalate the files so that the person with decision making authority is the person we are talking too.  We did this in this case and went all the way to the President of the company.  The President, Tim Williams completely rejected the short sale.  His reasoning for the denial was, first he wasn't getting the same deal as the first mortgage.  (News flash there Tim, if you are only holding $40,000 and the first mortgage is holding $180,000 then you aren't entitled to the same loss) and his second reason was he will in no way make less than the real estate agent.  In this case he was getting $3,800 approximately and he stated because the Realtors were making more than than he was netting than he would rather have nothing than make less.  End result, he is sleeping in his home tonight and the homeowner trying to prevent foreclosure is now homeless.
We have never seen this in all the homes sold as a shortsale.  The homeowner asked to sign a promissory note and the company refused to work with the homeowner.

For more information, please visit our website at www.2shortsaleguys.com or you may call us at 678-279-5977
Nakia Brooks and Bill Bythewood are licensed Real Estate Salespersons with the State of Georgia and their license is currently held with Keller Williams Realty – Lanier Partners (678) 425-1988