Short sale nightmare

[Danny Day]

Just finishing up with a short sale and I wanted to give a run down on my theory why people run when they hear the words "short sale".

Day 1 - Get listing, run CMA, price house at $10k under what I think its valued at. Seller tells me she is not married, and house is in her name only.

Day 3 - Get 4 offers on house, all cash, 1 full price offer. Submit to bank, who was not ready for offers to come in.

Day 4-25 - Bank has no response.

Day 26 - Bank responds with needing a BPO of the property.

Day 35 - Bank completes BPO, $20k higher than my list price.

Day 36 - Full price offer buyer gets tired of waiting, termiates their contract.

Day 37 - I send out highest and best multiple offers, and get 6 more offers in.

Day 40 - I get a cash offer under contract, and bank approves the contract price. Buyer assures me they can close in 7 days. Buyer gets cold feet, backs out before dropping off option fee / earnest money.

Day 44 - Submit highest and best offer to bank, for offer #3.

Day 60 - Bank comes back, tells me to write a report to challenge price to get offer accepted.

Day 67 - Offer #3 is accepted.

Day 70 - Offer #3 falls through.

Day 70 - Buying agent from Offer #3 finds another buyer, we get a contract at same price.

Day 71 - Open title

Day 73 - Title company calls me, and tells me there is 2 outstanding liens on the property totalling more than the accepted contract price. Also my seller is still married, and her husband must sign to close.

Day 74 - Sellers phone gets disconnected.

Day 75 - Get husbands phone number, he tells me let it go into foreclosure.

Day 78 - Get ahold of seller. Doesn't know about the liens. She is in another state, without internet or fax.

Day 83 - Get lien information, and contact lien holders - HOA tells me they won't settle.

Day 84 - Bank tells me I have 1 week to close and fund or its headed to foreclosure.

Day 92 - (8 days later) HOA and 2nd lien want to settle.

Day 92+ - Can't get ahold of bank / asset manager. Wasted 3 months of my life trying to work with a bank who won't budge.

Day 93 - Terminated / taken off market.

Venting.... I feel bad because me and the seller were motivated to sell, and worked hard at it. Our hands were tied by the systems and the people and everyone at the bank who touches the deal. It slowed it down.

From now on, I will probably use a short sale assisting company or something like that.

Any suggestions?