My short sale ordeal is finally over. It closed today. It was under agreement for about six months with two different buyers. I literally saved my sellers from foreclosure.
The title clerk at closing, mentioned they had never seen such a long list of utility bills on the HUD. My sellers walked away from the property about 8 months ago. Communication was difficult.
They never even said Thank you. It was just me and the vacant property with no utilities through the winter.
Last week, we were to go to closing, finally..... We were again postponed to today..... I wrote this in my blog...
My short sale closes tomorrow- after two buyers and 6 months under agreement!
It has been an ordeal to say the least.... My sellers abandaned their home, as they could not keep up with the payments..... We initially got an offer on our short sale. After 11 weeks, the lender replied to our offer. I was so excited, I wrote in my blog about it...
My Short sale was approved after only 11 weeks Hooray! However the Buyer decided after waiting all that time, that he did not want to buy. The buyer walked. How frustraiting! We went through the winter with no utilities in the home. No one cared. We reduced the price further. We got some showings. I showed the home using a lantern. I sold a home down the street that was easier to sell.
Then I wrote in my blog..... My Short Sale! Why am I the only one that cares?
Short Sale Opportunity Easton PA Finally, we received another agreement! The bank replied this time in only 4 weeks. Now, only 8 weeks into the deal, we are closing tomorrow. What an ordeal!
I sold a nice townhouse in Easton Pennsylvania to a young couple in 2005 Two years later, they called to ask if I could sell it for them. They were behind in the payments, 
and divorce was causing things to go sour.
We listed the home for sale in 2007, and the market caused us to reduce the price below the previous selling price from two years ago. We were informed by the lender that we did not need any approval from them until we had a fully executed agreement of sale.
It took a couple weeks to get the parties together, as now they were living in different locations, and communication was difficult. We submitted the Agreement of sale in October to the lender. Then I began to learn the process of the Short Sale. No mater what, the lender is busy, and it is going to take some time. Lots of time. No matter what I would say, it was still on the bottom of their pile, and it would take time.
First of all, it takes 48 hours of only business days for them to acknoledge that I have sent them a fax. Actually it took the first two weeks for them to say they received my documents. Every time you call them, you have to go through a process to identify who and why you are calling. I needed a letter of authorization, which would allow me, as their Realtor, to inquire about their loan. This of course needed to be signed by both sellers, who were difficult to reach. After they acknoledged that they received the agreement of sale, it took another week for them to tell me what they were missing. There was a long laundry list of hoops I needed to jump through. Some of these hoops were high off the floor and were on fire.
I am so glad that we are finally closing. I did a great job for my Sellers. I literally took their home out of foreclosure for them. I hope they appreciate all the hard work that went into this deal.
Don Bradbury Realtor, Coldwell Banker Heritage Quakertown PA http://www.bradburyteam.com/
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