A little more time.....

Follow through....

One of my lisitngs was set for trustee sale today so me being the professional agent, did my follow through and went to the court house to see if the property would sell, so that I could take the information back to the seller.  This is the seller that has not moved out because they are having a problem finding something else to move into.  They are really in a hardship.

A little history:  We had an offer, but the lender turned it down because the offer was too low and the buyer is not willing to deal with the counter price that the lender is asking. I do not blame the buyer in this case becaue the lender obviously have no real ideal or care of what that property really looks like or the actual value.  The BPO that came out, did not do their job, just gave a high number to the lender basing their estimate on whatever, but not based on the market, and /or the condition of that property.

So anyway, I went to the court house and low and behold.  The auctioner read the cancels first and there it was right there.  Cancelled for 30 more days for whatever the reason.  All she said was that it was the beneficiary's decision.  This gave me relief and joy for my seller.  I hurried it up and gave him the good news.  I could feel his smile through the phone!

So now, thi sis a sign to us to not give up "until we hear someone singing" -- doesn't have to be the fat lady in this case, but it was good news.  Seller said it was OK to have open house every weekend and I will pump up my marketing stragegy and my prayers for a high bid buyer.

If not, the seller at least have another month to find shelter elsewhere.  I think the denial that they have been in is now a real reality.

I am sharing this to let you know that things like this does happen in this short sale world.  God help us all!

 Have you had a clift hanger experience in your short sale or regular sales that you'd like to share?

 

 

5 Comments on A little more time.....

Sometimes, the lender has not completed its title searches or other due diligence  and is ill-prepared to take back the property.  What happens when the lender or beneficiary takes back a property? The lender or beneficiary incurrs costs of ownership. Insurance.  Taxes.  Preservation.  Liquidation.  An extra 30 days in limbo might increase its claim (if the loan was insured) and delay out of pocket costs.

 

 

08/02/2007 06:45 AM by David Petrovich (S.P.O.C.H. a 501c3 Charitable NP)


Rosemary,

Thanks for the post. The challenges of short sales are endless. However, persistence pays off.

08/02/2007 07:30 AM by William Collins, Broker Associate (ERA Queen City Realty)


David, thanks for that information.  So much to learn and discover.  So little time....

William - yes it just keeps going and going.  I don't like the impact that short sales has on owners, families and even us the agents -- but I kinda like learning all this stuff.  Probably by the time we get it all down pack -- the market will change and short sales will be few in between.  Now there's a thought...

08/02/2007 11:35 AM by Rosemary Brooks -Mother & Daughter (866)-750-8282 (Family Realty Group - 866-750-8282)


I'm saying a little prayer too for you seller.  Please let us know the outcome!

08/03/2007 11:59 PM by Rita Bradley-Orange County California- Mortgage Loans (The Lending Foundation)


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Real Estate Agent: Rosemary Brooks -Mother & Daughter (866)-750-8282 (Family Realty Group - 866-750-8282)
Rosemary Brooks -Mother & Daughter (866)-750-8282
Stockton, CA
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Family Realty Group - 866-750-8282

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