by Atlanta Short Sale Agent on June 15, 2010
Common Real Estate Short Sale Misconceptions
- The bank owns the home – Nope! The home owner owns it until the bank takes it in foreclosure (or deed-in-lieu).

- All offers on the home go to the bank – Actually, by Georgia Real Estate Law, all offers need to go the seller. If the seller decides to send them all to the bank or just one, that’s up to the seller. [click for more short sale info...]
by Atlanta Short Sale Agent on May 7, 2010
The more short sales simplify the more they get complicated, instead of complaining about it here, I thought I would show you from quotes from e-mail correspondence with GMAC Loss Mitigation department:
Hi,
Thank you for submitting an offer. I have a counter offer for your offer. If possible, you should reply to this note through Equator Messages so your reply is delivered correctly and tracked. To reply, log in to the Equator System and go to the Messages section.
Not too bad here. After 4 exchanges:
Joshua,
Which offer do you want me to review? I have HUD1′s and purchase agreements for what appears like 3 different offers. Whichever offer you wouuld like me to work, please make sure there is a signed purchase agreement and HUD1 to match it already uploaded into the library. I will then have to have Equator remove the other two offers.
Thank You
My response: “There were 4 offers. Thankfully, we want you to consider the highest one. See what was uploaded to your equator system.”
Then this happened:
Joshua, please call [NAME] they said they are going to foreclose – Client
Now, normally we are expecting this type of response and we called in and we took care of it, but got this e-mail response:
@ GMAC return my call today. Please contact her asap, she told me that we can’t depend on the equator system to avoid foreclosure. The most recent information in the equator system as of 4/29/10 was incomplete. Please provide her a copy of the Hud 1, Executed Listing Agreement, Buyer pre-approval letter.
That wouldn’t annoy me if they didn’t force us to use the silly system in the first place.
As Grandaddy used to say, “If it’s broke, but you can’t make it better, don’t fix it.”