The story of this Oakton, VA Short Sale started on September 11, 2009 when the short sale listing became active at a list price of $248,000. Naturally, I thought the short sale seller made an outstanding choice of Short Sale Listing Agent. And coming to the conclusion of a successful settlement this morning, the seller thinks he made a great choice in Short Sale Listing Agent too.
There were two loans, both with Wells Fargo. Wells Fargo is a bank with which I have had a great deal of short sale success. It probably comes from their internal time frames and ability to stick to them.
Initially, we were under contract with a buyer, who later got cold feet. The listing was under a contingent contract for about two months with that first buyer. And while we did get short sale approval from both loans shortly after the departure of buyer number one, it was not such a quick trip to short sale approval with the second, and final buyer.
Our second buyer was under contingent contract with my Short Sale Seller on November 23, 2009. The new contract was over to Wells Fargo on November 24th. For the first time since dealing with Wells Fargo on short sales, the contract had been sent to the wrong person. We sent it to our negotiator. Turns out, our negotiator was a closer and when she learned that we had a new contract, her answer to the problem with closing the file. That was Janaury 5, 2010...the day we learned of this file closing fiasco.
Obviously, it wasn't the end of the world. Thankfully, we had a patient buyer in buyer number two. Short sale approval came mid-February and we settled today, February 25, 2010 for a sales price of $243,000. Once the file was reopened, those Wells Fargo time frames that I love so much worked in our favor.
Short sales are not known for smooth sailing, but they do get approved and closed. The key to success is a knowledgeable Short Sale Listing Agent.
Chris Ann Cleland, Associate Broker- Licensed in Virginia, GRI, SFR, Northern Virginia Short Sale Specialist. Affiliated with Long & Foster, 7526 Limestone Drive, Gainesville, VA 20155. To contact Chris Ann, call 703-402-0037 or email chrisann@LNF.com. Or you can visit her website: www.nvarealestate.net.
Header photos taken by Chris Ann Cleland.
The opinions expressed in this post are those of Chris Ann Cleland, not those of Long & Foster REALTORS®.