This is hairy.
By the time I received a call about a potential short sale listing, the seller has already received a Notice of trustee sale in 3 weeks.
The seller's daughter had tried for 6 months to get ther loan modified, but it wasn't until Dec 31 2009 that they were told their applicatoin was denied.
January 25, they received a Notice of Trustee Sale scheduled for February 22, 2010.
She frantically searched for someone to help with the short sale from the time she received the Notice.
Feb 5, she called and told me that she found me ia the internet. We decided to meet in the afternoon.
LISTING THE PROPERTY AS SHORT SALE THREE WEEKS BEFORE THE TRUSTEE SALE
After meeting with the client, a sane agent would probably have said that this couldn't be saved.
But there was such desperation and angst in her face that I told her I would try. We signed the listing agreement, I posted on the MLS the listing for sale later that afternoon, and posted it on other sites, most notably Craigslist and Vflyer. I had to price it very aggressive, especially since there was a bank-owned property two doors down that was just posted a couple of days earlier.
By 9 am the following morning, I received three requests to show the property at 11 am. And by 1 pm we received an all cash offer and three other similarly good offers and terms. Sellers accepted the best and highest all cash offer.
Since then, there was a flurry of phone calls to Chase --- to their Loss Mitigation Department, their Foreclosure Department, their assigned trustee service. Fax after fax after fax.
THREE DAYS BEFORE TRUSTEE SALE...
Feb 19, 2 weeks after I listed the property, and just three days before the trustee sale, we received good news: we have a short sale negotiator. The representatives from the short sale department have already sent a note to the trustee to postpone the sale.
Whatever black hair I had left had all turned white. Now if the stress would have allowed me to lose 20 lbs, I would have welcomed it (Darn! No such luck!)
And we are just beginning with what could be a long, long journey.
Folks....please, please, please...don't wait until the last minute to get help! Many times, even Superman can't help.
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