Orange County Short Sale Lenders Can Be Very Unrealistic
I work Orange County Short Sale Listings quite a bit. More than I would have ever thought, actually. I have a wonderful team which helps me manage the process and paperwork and we are very successful. But sometimes I just wonder what the Asset Managers are thinking.
I find more and more the approval price seems to depend less on the value of the home and more on the amount of loss the short sale lender is willing to take.
This number does not matter to the buyer!
One of my Orange County Short Sale Listings just went into escrow after 8 months of trying to sell it. I don’t know why. It’s in decent shape, vacant (easy to show), priced very competitively (there are several recent sales of the same floor plan in the complex to compare to) and nicely located. So I really don’t understand why I’ve needed to do as many price reductions as I have.
Problem is that the Orange County Short Sale Lender has a trustee sale date and won’t postpone without a buyer, offer and proof of funds. I have been steadily dropping the price in our MLS while making sure in the agent comments that I disclose the sales price which has been approved. I just can’t get an offer at that price. So…..what do they want me to do?
Obviously we all know that if I can’t sell the home for what the Orange County Short Sale Lender wants, neither can they after a foreclosure. But the Asset Manager simply says “we aren’t willing to take that large of a loss on the mortgage.” Ok…..then I guess it is what it is!