Real Estate Blog - How many curve balls have you experienced in a Short Sale?

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How many curve balls have you experienced in a Short Sale?

You must be really good at catching the CURVE BALLS of Short Sales if you want to survive.

Sometimes I wonder if I would love doing Short Sales if there weren't for the curve balls. I wonder what that says about me?! It must be the challenge that I love; the point at which you come to a screaching halt in the Short Sale approval process when somebody or something says "no".

Well, it has happened on a recent Short Sale here in Coral Springs. I had received written approval from the Seller's Lender for the sales offer, the Buyer's inspection was completed, the Buyer's appraisal was completed but oh, wait a minute....the appraisal from the Buyers Lender undercuts the sales price. Yes, not so smooth sailing. So back to the Seller's Lender with a new estimated HUD and market analysis to support the Buyer's Lenders appraisal. Recent sales in a ever declining south Florida market lowered the fair market value. Seller's Lender orders a new BPO to verify new appraised value provided by Buyer's Lender. So back to waiting.

The Seller had begun to pack up, the Buyer was counting the days to get into their lovely new home and WAIT....Oh, how I love the ever challenging Short Sale.

Call or email me now for a free consultation: lynnp@ImagineYourHouse.com Phone # 954-464-1100

The more you know, the better prepared, the better the outcome.

I serve Coral Springs and the surrounding cities such as Coconut Creek, Parkland, Sunrise to Southwest Ranches in Broward and Dade and Palm Beach Counties of South Florida as your dedicated Realtor and CDPE Certified Distressed Property Expert ready to work for you. I'm looking forward to hearing from you soon. Please call me at 954-464-1100 or email me at: lynnp@ImagineYourHouse and it would be my pleasure to help you!

Learn more about me and Coral Springs Real Estate as your Coral Springs Realtor

The more you know, the better prepared, the better the outcome.

I serve Coral Springs and the surrounding cities such as Coconut Creek, Parkland, Plantation, Tamarac and Sunrise in Broward, Dade and Palm Beach Counties of South Florida as your dedicated Realtor, Short Sale Specialist and CDPE Certified Distressed Property Expert ready to work for you.

I'm looking forward to hearing from you soon. Please call me at 954-464-1100 or email me at: lynnp@ImagineYourHouse and it would be my pleasure to help you!

Learn more about me and Coral Springs Real Estate as your Coral Springs Realtor

Posted by Lynn Pineda-Coral Springs REALTOR, Short Sale Specialist on 03/26/2009 07:58 PM

Comments (25)

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25 Comments on How many curve balls have you experienced in a Short Sale?

MAR

Jennifer and I are about to take our 1st short sale listing on Monday. I guess it is a good thing that we both have years of softball experience and are currently softball players...bring on the curveballs we are ready.

Christine, you've got the right attitude....bring on the curve balls! You'll do fine. Whenever you need help just refer back here to AR as you'll find a wealth of information with open arms by many here at AR. Best wishes to you and you're right you've got an edge with softball experience!

Lynn-In my experience everyday with a short sale is another curve ball coming my way! Kinda of like a box of chocolates too! Best to you~

Mary, oh I'd like a box of chocolates to go with that curve ball.

P.S. I went to Ferris State University in Big Rapids....isn't it a small world!

Short Sales are a land Mine of surprises.. you just have to be prepared

Eric, that's true...as long as you're prepared for the surprises you'll be able to respond effectively.

I'm halfway throggh a short sale and so far no curve balls (knock on wood). I can't imaging doing them full time.

The biggest hurdle I've had is when the original contract falls out and you get it resold the exact same terms only with a different buyers name.

Question for those ready this post.

Have you had any experience in handling this little challenge?
Has anyone else?
How did you resolve it?

Kelsey, not all Short Sales have curve balls...perhaps you won't need to duck from one. You're not alone in your thinking in regards to doing full time. But then again, everybody has a passion in life and we find what works best for us. I'm sure there are things that you do passionatelly too! Good luck with you current short sale.

Peggy, quite often the Lender may reject an offer thinking that they can get more but if you can prove the fair market value to management with market statistics that support the offering price then you should be in a favorable position; you just have to get yourself past the front line who are simply accustomed to saying "no" just to say no.

Lynn...if our job was smooth it would be so boring. I think that is why I love my job, there is always a curve ball thrown that you never expected. Every contract is different and short sales are up there with the best curve ball situations. Good luck and I hope you will be closing soon!

Tara, you're right...there's nothing boring about a Short Sale. It keeps us young as it keeps us always thinking of what comes next.

Curve ball, fast ball, they all apply. In the middle of one that has been on the table since early Jan. Latest curve ball was the bank selling the loan in the middle of it and getting to start all over. Thank goodness there is a patient buyer in just the right situation on the other end ( i'm I sure a skilled agent keeping their emotions down). Finally have a counter now after 8 weeks from the bank and a good counter back from the buyer. Hopefully we're getting close. Boring.....NOT ON YOUR LIFE...this has been a learning experience from day 1. This is my first but won't be my last.

MAR

Peggy, when submitting the new offer, on the cover page of your fax type: "NEW OFFER FOR EXISTING LOAN" it works great for me. I was promised by the closer that it takes up to 72 hours before a new negotiator is assigned and, in my experience (maybe luck as something to do with it) it worked well. My latest one was with countrywide. Good Luck!

Here in Arizona we have a sea of them - and they are all fraught with challenges. Such fun.

LYNN,

Here's a curve ball. I'm scheduled to close a Short Sale next week. This was a relatively smooth transaction. We were just told the buyers have gotten the mortgage, the inspections went well...and here it comes.

The Seller's wife filed for divorce on Tuesday and is refusing to sign any papers that have her husband name on it. This should be interesting!

Leigh, talk about breaking you into Short Sales. If you survive this one, you're meant for the Short Sale. I haven't experienced the mid way change of Lenders yet and I know many who have. Best of luck to you!

Bob and Carolin, nothing like a good challenge to invigorate the soul! There's nothing like the invigoration of the soul when you've saved a homeowner from foreclosure. That's what makes doing Short Sales so satisfying - helping out someone in need.

Sidney, that would definately be the "King" of curve balls....never saw it coming I'm sure. Imagine the book of Short Sale experiences we could write about.

APR

Lynn,

Update. Now we have not only gotten a new lender but all of the sudden when just making headway the negotiator who was calling the atty right away to postpone foreclousre date of 4/14 has been replaced with someone else and they want brought up to speed on where we are in the process (shouldnt they know that) and now after faxing him an update (wont answer the direct # of course) i havent heard anything and the 14th is fast approaching. atty wont answer my questions as well.

Just got another one in the works. this one was way low and now i have a second offer which is only a little higher. Do we now start a bidding war or just send them both in and let the bank resolve. havent had to deal with this as i never got a second offer ont he first transaction im working on. i feel the first one will bail but dont want to lose either really. i really need to take another current course on this. any suggestions.

APR

Leigh, oh my gosh....I'm just reading your comment and I see the sale date is tomorrow. I hope you've had some luck prior to today. If not, try to get the name of the VP of Default Adminisration to express the urgency to so they can make sure the sale has been delayed. Also, trying sending a fax marked in bold: URGENT Auction Sale date today, April 14th, with pending offer, please confirm sale date postponed. Who is the Lender? Good luck!

Leigh, I only present one offer to a Seller's Lender and hold any other offers that come is a back up offer. I would only send in an offer that I know I'm able to support the price with market statistics that will support the offering price and will go to closing. Good luck again!

JUL

It was 6 months to the day but its closed and funded. I was still onthe phone with the bank as I walked tot he closing table. Whew!! Glad that ones over, on to the next.

JUL

Leigh, persistence is so important as you've experienced...Congratulations!!!

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