Short Sales: The New Wild West
From pushy lenders to aggressive investors, there are many challenges that real estate practitioners must overcome in the new world of distressed sales.
By Robert Freedman | Realtor.org
Tom Troli’s client had already been preapproved by two lenders for a short-sale purchase. It seemed like the deal was moving ahead smoothly. But that’s when Troli, CRS®, GRI, was presented with what seemed to be a make-or-break condition by the lender who held the seller’s mortgage.
The lender said it wanted to do its own preapproval on Troli’s client just to be sure he really could get financing, but then the company proceeded with a hard-sell pitch to originate the new loan. “I’ve been flat-out told by these lenders, ‘We want to sell to someone who uses one of our lenders,’” says Troli, a broker with Prudential Wheeler/Steffen Real Estate in Claremont, Calif. “It seems like a conflict of interest.”
Courtesy of Realtor.org Read The entire article here: "Tips on Navigating the Wild West of Short Sales"
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