short sales are not that safe !

**Krispycream** · 02-05-2010, 06:09 PM

hi, im very afraid of my process!
im in a short sale, but now the bank is asking me for the last payments and my w2 form, the thing is that i make decent money but for almost 3 months i made really bad money, even trying to explain that to the bank they send me the letter for a foreclosure, so we stopped making payments, not we have an offer, but we don't want to give those papers, because we think they are going to come for us, knowing that we actually have money to pay.

knowing this we just want to get rid of the Realtor and just do the foreclosure, do i have to pay the Realtor now that we have changed our minds? can they do the short sale even with out those papers?

i saw on tv that they are coming after you now in a short sale, is even easier fro them because they have all your information, rather then just take you to the court in a foreclosure because they know nothing about you!

thanks for your help !

**Greg** · 02-08-2010, 06:45 AM

You will only have to pay your agent if the offer is for full price. I doubt you received a full price offer with it being a short sale, but if your agent put some incredibly low teaser price on it you might be stuck with a full price offer.

If the offer is lower than your asking price then reject it and then tell your agent you want to cancel the listing. If they won't cancel the listing then raise the price so high no one will make an offer, they can't stop you from doing this.

Around here, only about 10% of the short sales ever make it to closing so you probably don't have too much to worry about.

**mWoods** · 02-17-2010, 07:08 AM

Tough situation to be in. Previous reply was right, most short sales are not making it to the closing table due to the length of time banks are taking to make decisions. Also, chances are you will not get a full price offer. Buyers are aware that short sales take a lot of time and are only willing to wait if they can get a home for substantially less than market value.

**rushdelivery** · 02-20-2010, 05:54 PM

You're right, short sales are not that safe because sometimes they will cheat!

**Lease_Abstract** · 02-21-2010, 10:29 PM

I bet it is the time to avoid short sales and be careful in entering a transaction that the ending is not sure. Hope this will be a lesson for anyone who would read this. Thanks for sharing your tough situation with us and goodluck on you.