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SHORT SALE CLOSED!  

THE SAGA OF A SUCCESSFUL SHORT SALE.  Remember that Short Sale I wrote about last week?  The contract was written on January 25th.  We've suffered one delay after another, no contact, mistakes on the listing agent's HUD-1 (perhaps I'll write about that some day).  My buyers and I have continued to tour homes, but never found anything they like as much as the one on which we had a contract.  We just wanted to stay on top of the market. 

Then on April 15th, I got word that the bank had approved the corrected HUD-1 IF we could close -

IN TEN DAYS.  GEEZ! 

April 15th:  BANK APPROVAL LETTER RECEIVED contingent on settlement on or before April 24th.

April 15th:  Faxed bank approval letter and contract to loan officer. 

April 16th:  Buyers drive from Waldorf to Columbia to deliver docs to lender. 

April 17th:  Home inspection performed.   Furnace needs servicing which buyers will do after closing.

April 17th:  Termite inspection performed.  Clear.

April 17th:  Appraiser inspected the home.  Nice gentleman.  No listing agent.  No comps. 

April 20th:  Buyers visit banks to arrange for funds transfer.  Try to get $100,000 in 3 days.

April 20th:  Loan goes to Underwriter.  Approved conditioned on appraisal. 

April 21st:  Appraisal received.  Back to Underwriter.

April 22nd:  Final loan commitment received.

April 24th.  SETTLED. 

                    Home in Waldorf

                                               IT WAS WORTH WAITING FOR!

 

                          ~~~~~~~~~~~~~~~~ Post from April 15th ~~~~~~~~~~~~~~~~~~

Contract offered by buyer - January 25th

Contract accepted by seller - January 29th.

Final ratified contract Feb. 13th.

Wait, wait, wait.

Addendum from bank 2 weeks later on a Friday with 72 hours to accept.

Counter-offer received from bank 2 weeks later.

Accepted by buyer in 2 hours.

Wait, wait, wait, wait.

Approval letter from bank 3rd week in March, wrong amount.

Wait, wait, wait, wait.

Second approval letter received today, must close by April, 24th.

Inspection scheduled for Friday.

Termite scheduled for Friday.

Appraisal ordered today.

Earnest money deposited today.

Trying to get HOA docs.

Are there any more Monkey Wrenches that the banks can throw in??

Do my buyers and I intend to close on the 24th??

You bet we do! 

 

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-mail.


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Post is included in group: Buyer Information - What Buyers Need to Know in Today's Market
Post is included in group: Club Chaos
Post is included in group: Real Estate Trends
Post is included in group: Realtors®
Post is included in group: The Ninety-ninth Percentile

35 Comments on HURRAY. IT CLOSED! HAPPY BUYERS. HAPPY BUYER'S AGENT.

APR
25
2009
681,157 Points 130 Featured Posts Attended Rain Camp Called Shot Master

I'm really impressed!!! Good for you! They are lucky to have you as their agent! Looks like a great home!
5:45pm • #1
1,545,555 Points 416 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Karen. Thanks.  That's why they stock with it.  It is a great house.

 
5:51pm • #2
3 Featured Posts Localism Sponsor

Way to go Karen! Always glad to hear good news! Sounds like you worked your tail off on that one. Congrats to your buyers, and to you!
6:08pm • #3
483,133 Points 53 Featured Posts Outside Blog Called Shot Master

Lenn--Congrats to you and your buyers! It is always a pleasure to hear that buyers stuck with it to get the home they really wanted.
6:13pm • #4
1,545,555 Points 416 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Tim.  You described it exactly. 

Teri.  These folks are the most wonderful buyers.  I sold them a home 10 years ago and now their "dream home". 

I'm so glad it worked out for them.

 
6:19pm • #5
597,261 Points 45 Featured Posts Outside Blog

Lenn - it always has me shaking my head when the banks take months to decide whether to accept an offer, and then they want to close in 10 days!  We've done it, too, but it sure isn't fun for the buyers.
6:24pm • #6
194,561 Points Localism Sponsor

Lenn,

Were you holding your breath this whole time?!... Just kidding.

Cogratulations!  You deserve a prize.  :)
6:37pm • #7
937,108 Points 361 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lenn, Job well done!! I have to say though I have NEVER had a lender approve a short sale and then only give 10 days to close. Sounds more like a listing agent dropping the ball somewhere. Glad you got it done for your buyers. That's the main thing.
6:53pm • #8
379,478 Points 27 Featured Posts Localism Sponsor Outside Blog Hit Router Called Shot Master

Lenn - Congratulations to you and your buyers.  What a gorgeous home.  No wonder why they stuck it out...definitely worth waiting for.  Your buyers were very fortunate to have you working on their behalf. 
6:59pm • #9
848,742 Points 153 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

I started reading your post and thought I wonder IF THIS IS THE ONE, where you had a short deadline and yes it is. (((claping)))
7:16pm • #10
306,519 Points 17 Featured Posts Localism Sponsor Outside Blog Hit Router Called Shot Master

Glad it worked, (you worked), for your buyers.  And smart to keep looking with them until this finalized.  I hope they appreciate you!
7:26pm • #11
924,768 Points 97 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lenn, that is about how long most of my Short Sales have taken, and then they have wanted it to close in a week.  Guess what that was not going to happen, because most Buyers do not want to pay for a Home Inspection or appraisal until they know they have bank approval and that is not going to get done, along with commitment, and the attorney doing his thing in that time frame.  Each time they back offed their demand and let things run its course.
7:37pm • #12
402,631 Points 40 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Hi Lenn...I have one that was to have closed on April 23rd.  Did not because of a bad appraisal.  I should say a very bad appraisal.  Another is in the works and hopefully will be more accurate.

Glad to hear that yours made it to the finish line.  Nice looking home.

Kate
7:41pm • #13
980,964 Points 81 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

How strange. We had a closing on April 24, and it was not a short sale, it was an REO. It took us 55 days to get to closing, and the mobile closer got the last signature at 10:50 PM on Friday. The whole thing was an everyday struggle.

I wanted to write about it, but I am still boiling, I am not over this yet. I felt in this so alone, no listing agent and her assistant, no anyone. We were working for everyone, for the Title Company, for the Listing agent, we aggravated some people, but it would not close if we would sit and wait as it was suggested.

Congratulations. Getting it doen so quickly is huge. Again, congrats.
8:23pm • #14
177,495 Points 6 Featured Posts Localism Sponsor Hit Router

Wow - What a house and what an ordeal.  I'm glad your clients got the home of their dreams and I hope they'll be able to laugh about the experience in the near future.
9:02pm • #15
8 Featured Posts

Lenn, it's crazy for sure... but it looks like it was completely worth it!  What a beautiful home.  I bet they are happy and proud to finally be home. 

Good for you to have it behind you, and it just goes to prove you are a great agent for helping your clients see it through!
10:06pm • #16
811,199 Points 91 Featured Posts Outside Blog Called Shot Master

Congratulations Lenn!  That is absolutely worth a big celebration!  I am very Happy for all involved.
10:40pm • #17
548,132 Points 1 Featured Post Localism Sponsor Outside Blog Attended Rain Camp

It has to be a great deal or buyers would not go through the hassle of waiting for some government employee that could care less if it closes to act on our offer.
10:58pm • #18
829,762 Points 156 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master

Hi Lenn, Congratulations. I love this post and it is one I wish they feature because it does more to educate the consumer than all the wall of words others want to write about. The proof is in the " pudding". well chronicled.
11:19pm • #19
APR
26
2009
1,545,555 Points 416 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Sharon.  Agreed.  When we read the statistic that only 10% of short sale listing actually close, we surely know why.

Marzena.  Indeed I was.  Not because it should have failed but because we know that the bank doesn't care.

Bryant.  BINGO!!  A listing agent mistake compounded by a bank's intransigence.  It was a horror story.  One that I may write about some day. 

Donna.  The credit goes to these wonderful buyers.  I'm experienced and knew the pitfalls.  They, because they trusted me, followed my every suggestion and prepared themselves for the inevitable wait times.

Missy.  Thanks.  Yep.  It closed.  Hurray!!

Virginia.  Thanks.  Yes, they do.  In fact, they were my buyer clients 10 years ago.  My buyers are very loyal and trusting. 

George.  Our contract provided for the home inspection contingency time to begin running only when the final bank approval was received.  That's why we had such a short time frame to get everything done.

Kathleen.  Eeeekkk!  Bad appraisal should be opportunity time for the buyers.  But, when dealing with a short sale bank, it doesn't always work out that way.

Jon.  Thanks.  Normally, we close REOs in about 45-60 days but they go fairly smoothly.  Short sales are another animal.

Eric.  They're just glad it's over.

Julie.  Thanks.  Good to have a successful short sale.  There were so many barriers in this one, I feel like an Olympic Champ.

Jim.  Me too.  Me too.

Terry.  Indeed.  The house was a great deal.  We got a house that, by comps today has a value of about $517,000 for $400,000.  My buyers knew that it was worth working hard to get.

William.  You're right.  More folks need to read about successful short sales.  The lesson is, don't wait for things to happen.  Make them happen.

 

 

 
4:44am • #20
1,139,107 Points 139 Featured Posts Outside Blog Called Shot Master

 

Lenn, Congrats that your short sale finally closed. I have heard several real estate folks complain that these seem to take forever to close....

Your building consultant for life in Nashville, TN

 
4:44am • #21
1,545,555 Points 416 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Michael.  Ah!  Another early bird!

Taking forever to close is one thing.  Only 10% of short sale listing ever DO close. 

We know why.
4:46am • #22
975,463 Points 17 Featured Posts Hit Router Called Shot Master

Lenn, congrats on closing your short sale.  We've had two short sale approvals this week ourselves, BUT, the idiots gave us 4 days to close, we've now been waiting over 4 days for the extensions.  Unbelievable.
8:36am • #23
1,545,555 Points 416 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Gabe. THAT IS PRECISELY WHY I MOVED MOUNTAINS TO GET THIS THING DONE. 

I did not want to go back through the listing agent and ask for any extensions with this bank. 

Let's just get the dang thing done. 

Good luck.
10:14am • #24
1,304,322 Points 314 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Congratulations, Lenn. It's reassuring to know that these deals CAN close, despite lengthy waiting times among other issues that continually get in the way. The buyers must be thrilled.

Jeff
1:44pm • #25
1,545,555 Points 416 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Jeff.  It's almost like an anti-climax.  The seller is renting back to mid June until her child's school is out, then she's on her way to her new job down south.  The buyers won't get possession until June.

We can wait.

 
3:32pm • #26
591,941 Points 22 Featured Posts Outside Blog Attended Rain Camp

Those time frames for funding, underwriting, appraisal, et al, are quite impressive. That's practically unheard of.
8:44pm • #27
APR
27
2009

Lenn,

If it is your dream house you will try and move mountains and it sounds like ya'll did on this one.

Great job!
12:21am • #28
1,545,555 Points 416 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Brenda.  Thanks.  Indeed, this is a special house and worth fighting for and waiting for. 

Lisa.  HA!  I often believe that things move quickly when they want to get rid of Lenn.

 
4:26am • #29
APR
28
2009
1,049,319 Points 177 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

It is so important to get a reputable lender who knows what he is doing. I am super-impressed with his ability to close in 10 days. I didn't think that could be done. I guess you just set a new expectation of my loan officer. I'm forwarding this to him.
7:39am • #30
1,037,669 Points 26 Featured Posts Outside Blog Called Shot Master

Congratulations on the sale. It is important to have a good experienced agent and your buyers were fortunate to have you. Hope it leads to many referrals.
6:42pm • #31
APR
29
2009

Lenn,

You earned every penny! Hats off to you.
8:02am • #32
1,545,555 Points 416 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Loreena.  Mmmmm.   Other loan officers might not like that, but I believe it's important for a loan officer to "make things happen" and not just turn a file over to a processor. 

Gita.  So do I.  So do I.

Irene.  All in a day's work.  And a little bit more.

 
12:04pm • #33
MAY
02
2009
386,861 Points 6 Featured Posts Localism Sponsor Outside Blog

Dear Lenn,

Some deals are crazier than others. The thing to remember is these clients have a great agent on their side. I am confident that every buyer you represent gets 1000% of your attention. Way to go Lenn! Have a productive spring!

Betina
8:33am • #34
1,545,555 Points 416 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Betina.  Thanks. I only take a few buyers and give them my full time and attention until they are closed.  It's intense, but it works. 

 
2:06pm • #35

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