It's a bittersweet day. We have finally sold our boat after 4 years and 2 wonderful trips. Due to the great economy boat sales have not been very good. This Spring Dave called our bank to ask about a short sale. We ran the numbers and priced the boat accordingly.
Definition: A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.
A few weeks ago we had gotten an offer. We, silly us, assumed that the conversation from this Spring was still valid. To cut to the chase, the boat is sold, broker commission is paid and we still owe the remainder of the loan. How is that a short sale, you ask? Good question! Well, they did release the lien.
The banks reason for us still owing them $$ is that we have a great credit rating which displays that we pay our loans off, like responsible people, therefore they want their $$.
I have learned long ago that life isn't fair but why do responsible people ALWAYS have to take care of all the deadbeats in this world who just sit around waiting for
someone to give them stuff. Is there a reason to work hard?
Yes, that's what makes us different than those people! Here's is Maggie Girl at her finest, in the Bahama's.
So sorry this hasn't worked out like you had planned & hoped for, but know that your ethics and hard work set a fine example and should not be compromised. We are so pleased with the RV wash today; our camper never looked so good!! Thank you.......keep up the good work and keep smiling!! Congratulations on the sale of Maggie Girl!! Linda/Newell
ReplyDeleteWhat a gorgeous boat she is! I'm so glad you got to enjoy her, and that you've finally sold her. But boy, your "deal" absolutely STINKS, and I'm so sorry you got stuck. That just truly sucks.
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