I wanted to sharethis with all of you due to my in-ability to control my excitement! After many years and many failed attempts I have successfully closed a short sale.
I know this may not seem like a BIG thing but let me tell you I have done my best for several years to avoid short sales. I don't show them, I have avoided creating interest in them by my clients, if only to save them from all the hassle and the almost (I thought) inevitable dis-appointment in the end after the 60-120 waiting game.
The funny thing is that these particular clients have been looking for a very specific home for several months. Of course, like anyone; they wanted to get the best house for their money. They specifically told me NO SHORT SALE properties. This request was fine and dandy with me since I didn't want to deal with the hassle anyway. I had them on an automatic search and they were receiving all the properties meeting their criteria. We had finally narrowed it down to one specific neighborhood that they really liked. In fact; we had even put an offer in on a property that didn't work out, so they were getting a little anxious.
So, on a Friday before Thanksgiving they received this particular property. It was a short sale but the listing agent didn't have it disclosed as a short sale. I thought it was priced a little low but went ahead and scheduled the appointment for a showing. Low and behold they fell in love with this house, we put in a strong offer and then I got the news that this was indeed a short sale. The seller was upside down on his mortgage, several payments behind and it was almost about to go into foreclosure.
YIKES!!! That was my first thought. I let them know what we may be in for. The listing agent assured me that the bank had already approved the short sale and that closing could be quick. I took those words with a grain of salt because I had never heard of this before. I was always under the impression (through my short sale failures in the past) that the bank wouldn't consider a short sale until there was an offer on the table. So, I put on my big girl undies and braced for a fight.
To mine and my clients surprise, this deal closed on Christmas eve. I thought it was a miracle. How do you get approval for short sales before you have an offer. I'd like some feedback on this b/c there are many people I'd like to give more advice on regarding short sales as an alternative to foreclosure but have backed away from it since short sales have always seemed like such an extra burden that rarely falls into place before they have to go through the heartbreak of a foreclosure anyway. I've always viewed it as extra stress for all involved.
What do you think? Was this a very rare Christmas miracle are is there really a way to have an approval first so that all goes smoothly until closing. Is it really possible for buyers to walk away with a GREAT deal and seller's to avoid foreclosure?
Happy NEW year!!!
Comments(2)