Happy Halloween! Remember this scary guy from the 90’s?
Working with Kauai short sales during the past 3 years, many times I’ve felt like we’re unwitting players in a ‘Short Sale Tales from Crypt’ series.
Any producers want to try a few of these story lines…truth can be stranger than fiction!
- Going to auction without a loan!
Just two weeks ago, my client received notice that her property was up for auction. We were confused, as this was not the primary or secondary lender we were actively negotiating with on a short sale. After talking to the Court Commissioner, pulling a new title report and sending it to him…we got word back from the lender’s attorneys that they were going to postpone the auction. Ya think? There was absolutely no record of this lender on the title report!
- Rejecting Short Sales, to get much less as an REO
This is a much more common scary story. I’ve had a couple of failed short sales, where the investor behind the primary lender refused to negotiate with well qualified buyers, went to auction and now has the property on the market as a vacant REO for far less than the offers we submitted.
- Disappearing Documents
Again, a common story…my buyers submitted an offer and the lender kept losing the documents, bouncing around different departments. Finally, the listing agent connected with an officer of the bank who was a client of hers and got the offer to the right people through networking and name dropping.
What really scares me is how many people have walked from their home when they receive an auction notice, without having representation of any kind to even see if that lender truly holds the note!
If you know anyone who owns property on Kauai who might be at risk of foreclosure, please encourage them to contact me or another short sale specialist to explore options on how to prevent foreclosure.
There is hope! Together, we can keep the ghoulies away….