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Short Sale From Approval to Funding-4 Days!

This week all I could do was focus on one real estate transaction! It was a short sale that really required a total team effort.

The amazing thing we got just that!

While this short sale took 54 days to get approved, once we received approval it was closed and funded in 4 days! It was the longest week I had in a very long time but one of the best weeks ever! And if ever I learned a lesson about teamwork..it was this particular transaction!

For starters the lender dropped the ball...after all their approval time is twenty days and due to the supervisors wife having a baby the approval was delayed a full 7 days.

Can I tell you the lender's negotiator was the best around?

Once we had approval we were expected to have funds wired by the 8th even though we did not receive our approval until May 5th at 8:00 am! The amazing thing...we did it..we pulled it off and I cannot take all the credit! It was a total team effort...just like every short sale..not one party is more important than the other!

Everyone must work together!

The amazing Teresa Valdez who works for Re/Max All Pro stayed calm, patient and very understanding. We stayed in touch and she and her buyers were extremely patient, understanding and very gracious. I am impressed and very grateful! It always makes for a smooth transaction when all parties are on the same page!

First American Title in Port Orange Florida and the First American Title in Miami Lakes really jumped through hoops and thanks to their amazing system (which I admit I hated at first, this particular transaction I really saw the benefits) They are now centralized and while a closer is closing another transaction, we always had someone to turn to!

Thank you ladies..a job well done!

The seller..who jumped through hoops to get everything in order..distance did not stop us from getting this done! Oh did I tell you he reads my blogs and found me on Activerain?

Thank you Activerain...I need the business!

After I signed a few docs at the title company...I walked out with check in hand and a HUD..I felt relief...I felt emotion...as a matter of fact..I had a good cry.

It's finally over!

Did I tell you it was one of the longest weeks I had? Yes I did but I also said it was one of the best weeks I have had in a very long time!

On to the next one!

About The Author: Midori Miller is a Real Estate Trainer and writes and trains Real Estate Training and assists sellers in short sale situations. Midori is a Licensed Florida Real Estate Broker, License # BK645709 and a member of the Daytona Area Association of REALTORS. Contact midorimiller@yahoo.com or (386)453-3236.

Posted by Florida Real Estate Trainer | Daytona Beach After School Training | Midori on 05/08/2009 09:51 PM

Comments (19)

Teamwork in the Training Channel

short sales in daytona beach, daytona beach real estate, first american title, midori miller, teresa valdez, century 21, remax, teamwork

Originally posted at: Daytona Real Estate Training: Short Sale From Approval to Funding-4 Days!

Post is included in group: The Ninety-ninth Percentile
Post is included in group: Short Sales Specialists
Post is included in group: Short Sale REALTORS®
Post is included in group: Realtors®
Post is included in group: POSITIVE ATTITUDE for the Weary Soul

19 Comments on Short Sale From Approval to Funding-4 Days!

MAY

I'm always pleased to read your success stories. I'm having some waits myself at this time.

Wow, great story! You were able to get the appraials and inspections and everything done in just four days? Or, did you already have that done? I am really curious!

Congrats Midori on your closing. Great that the seller found you on AR too. You had a great group to work with here, it's great when that happens.

Cristal-it was cash...inspections done prior...NO Appraisal! Just a lot of running around and phone calls.

Vickie-go get em girl!

Lyn-I think that is the best part he found me on Activerain! :) Money and time well invested!

Don't you love it when a plan comes together.

Midori -

Congrats!

I'd ask you to spread some of that "Good Karma" my way - but it's not just "Karma."

It is skill, a system, the right attitude, patience, and tenacity.

Great Job - have a fantastic weekend!

DEAN & DEAN'S TEAM CHICAGO

Good to hear about a successful short sale! Most of these tales do not have a great outcome! Congratulations.

Midori

Now those are the best success stories when the whole team makes it happen. Outstanding.

Way to go, Midori! I know who to call with my next Short Sale for help!

Oh, Midori, it is so refreshing to hear a nice short sale story. Sometimes they really do happen efficiently. Congrats. sound like you earned it.

Congratulations Midori! I look forward to doing business together some day.

I had a short sale listing that was supposed to close this week after a similar approval period, also with First American doing the negotiating on behalf of the lender. It was almost too good to be true. Only one BPO needed, never a request for additional documentation. BTW - I love the call center that First American has set up for the loss mitigation department. You can call for regular status updates and know you aren't bothering the analysts. The buyer's financing fell through the day of the closing. Not my buyer and not a local lender. They are currently exploring other avenues and I'm not holding my breath. Don't be surprised if you see a great deal on an approved short sale in our Daytona Beach MLS bulletin next week.

MAY

Must be something in the water.

I spoke with one of my broker partners yesterday and he has approval for a short sale in just a few days. This is the second one he's gotten that was a quick turn around.

When I get the details, I'll post something.

Amazing! Midori, I am really impressed. I guess short sales can happen with willing, professional parties to the transaction. Have a great weekend!

Maybe that's part of the reason we do short sales...good cries...good friends...satisfaction like you get from absolutely no other kind of transaction...Celebrate your success...some time we will do it together....see my thank you blog...thank you thank you thank you !

Wow, excellent. Which bank pulled that off so fast?

Care to share....

I would have had a good cry too, great you had support and help from everyone that touched the transaction.

Midori --- congratulations on your closing!!!! As Liz Moras says, "After Rain Comes Sunshine" --- how true in your case, uh?

Mama Liz's Signature

Missy-It was almost unreasonable in what they wanted...I'm telling you...it was stressful...fighting every single day..hours at a time...but well worth it! Carrington Mortgage moved very quickly though the process but it stopped dead in its tracks once we were waiting for final approval from AKA the supervisor...I sent an email to the ceo, supervisor and negotiator...that's when we got the approval the very next morning and expected to be closed and funded by the 8th and if not..no approval. Because it was cash it was quick to close...and it was amazing how everyone pulled together!

At the 11th hour there were miscalculations..and a small shortage..but everyone worked to gether and we all got what we wanted...a successful transaction!

Dean-you made me smile! :)

Mary-I'll definitely look forward to it...I think you are one cool chick and I have nothing but wonderful things to say about you!