“So, you’re telling me that unless I can get you the TPG form filled out, then you will reject this short sale and subject your company to a potential $17,000 loss,?”
“Yes, you are right”, she replied. “But $17,000 is a lot of money. Don’t you agree?”, he replied back. “I don’t care about the money. The TPG form is company procedure”, she said.
The story above illustrates just how crazy short sale lender bureaucracy is today. The guy who told me that story couldn’t remember the form name.
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He said it was about as dumb as the infamous “TPS Reports” from the movie Office Space. The reason is because many banks turn down short sales only to lose more money thru a foreclosure.
As an example, the condo in question sold for $117,000 about 12 months ago. Today, comparable condos are selling for $90,000 (not a typo.)
In that 12 months, the condo’s value dropped by $27,000. The bank’s foreclosure process was on track to foreclose on the house in 6 months. It would have taken another 3-6 months to sell the foreclosed house.
That means the value would have dropped by a minimum of three quarters of $27,000. That mean the lender would have lost $20,000 because they turned down the short sale offer.
Here is what was wrong with the TPS form. One form had “John Arthur” entered for the seller’s name. The short sale negotiator was going to reject the short sale unless his name was changed to “John W. Arthur II.”
Everyone else was ok with the existing paperwork. The title company, the buyer’s mortgage company, and everyone else.
The bottom line: A large, nationally know lender was willing to risk losing $20,000 because they needed a document to be perfect. Nobody ever asked the stockholders for their opinion.
That’s what short sale bureaucracy does. It hurts the economy. It is also why you need an experienced, competent short sale agent. You need someone who knows how to work with the bureaucracy and get things done.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at email@example.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 805-208-0823.
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Thinking about a loan modification? Our Ventura County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this,
Chris B Johnson.
Chris is a Real Estate Agent at Prudential Califonia Realty.
Phone: 805-208-0823. firstname.lastname@example.org.
Certified HAFA Specialist, Certified Short Sale Specialist
View My homes for sale at http://www.chrisbjohnsonrealtor.com/.
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Chris B Johnson specializes in loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County short sales. Ventura County Short Sale Realtor Short Sale Realtor. Ventura County CA Short Sales. Ventura County Realtor, also providing help with Moorpark short sales , Thousand Oaks short sales, Westlake Village short sales, Newbury Park short sales , Camarillo short sales, Santa Rosa Valley short sales, Somis short sales, Lake Sherwood short sales, and Simi Valley short sales. Moorpark Short Sale Realtor, Moorpark Short Sale Realtors, Short Sale Realtor. Ventura County CA Short Sales. Ventura County Realtor, Certified HAFA Specialist, Moorpark Short Sale Realtor, Thousand Oaks Short Sale Realtor, Westlake Village Short Sale Realtor, Newbury Park Short Sale Realtor, Camarillo Short Sale Realtor, Simi Valley Short Sale Realtor, Moorpark CA Short Sales, Thousand Oaks CA Short Sales, Westlake Village CA Short Sales, Newbury Park CA Short Sales, Camarillo CA Short Sales, Simi Valley CA Short Sales, Certified Home Affordable Foreclosure Alternative Specialist, HAFA, HAMP, also providing HAFA Loan Modification and short sales help, Short Sales in Moorpark, Short Sales in Thousand Oaks, Short Sales in Westlake Village, Short Sales in Newbury Park, Short Sales in Camarillo, Short Sales in Santa Rosa Valley, Short Sales in Somis, Short Sales in Lake Sherwood, and Short Sales in Simi Valley California. Moorpark Loan Modification Help, Thousand Oaks Loan Modification Help, Westlake Village Loan Modification Help , Newbury Park Loan Modification Help, Camarillo Loan Modification Help, Santa Rosa Valley Loan Modification Help, Somis Loan Modification Help, Lake Sherwood Loan Modification Help, and Simi Valley Loan Modification Help, CA. DRE 10501699.You can find Ventura County Short Sale Realtor at 587 W. Los Angeles Avenue, Moorpark, CA. 93021
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Johnson’s personal views and do not reflect the views of Prudential California Realty. This information on Moorpark Short Sales: Will your short sale be killed by bureaucracy is provided as a courtesy to our viewers to help them make informed decisions.