I have this short sale that I have been working since June 2009, it took a week to identify a buyer, 6 months to get the 1st lien holders approval and ten 10 weeks to get the 2nd lien holder to approve the sale.
The 1st lien holders closing date was not met by 6 weeks while we were working things out with the 2nd lien holder so we needed to go back to the 1st lien holder for approval of the extension and also of the new HUD as the 2nd lien holder would not except anything less than $12k, a little over 10% of the lien.
Oh, I failed to mention that during our negotiations the 1st lien holder set a trustee sale date for May 20th, today. I would too as the seller had not made a payment since October of 2008.
OK, you following this, we received the 2nd lien holders approval 4 days before the trustee sale. We sent many e-mails, faxes and made many calls to the 1st lien holder over the past four days and did not hear a word. Last night we thought the train had hit the wall, so I call the seller around 8pm and we talked about how we worked hard in trying to help him and that the trustee sale will most likely complete on the 20th. He most likely was going to be foreclosed.
Wait WAIT, it gets much better. I had to train a class today and was not on-line most of the day. The first lien holder sent us approval of the short sale and canceled the trustee sale on the day that the sale was scheduled.
I get home around 6pm, check my e-mail and see the approval and verify that the short sale was cancelled. Yippee, we are back in the money.
In glee I call the homeowner and tell him the good news, but he is silent on the other side of the line. He and his family visited the home late last night, as they had already vacated a few weeks earlier. He informed me that they had gutted the home of everything that was not permanently affixed, including the HVAC.
All I could do is laugh, I can’t wait to get back to listing normal sales.
The buyer has been waiting for 9 months, I am going to find a way to get that house put back together!
I bet you can't beat that one!
Take care!
Empire Realty is your real estate source for useful and money saving information.
It's important to stay in tune with the changes in the market. Call Empire Realty for your next personal real estate consultation at (909) 579-6611, or visit us on the web at Empire Realty.
For information on purchasing or listing your next home in Upland, Rancho Cucamonga, Alta Loma, La Verne, Mira Loma, Riverside, Corona, Chino, Chino hills, Ontario, Claremont or anywhere in the Inland Empire call Empire Realty at 909-579-6611 or visit us on the web at Empire Realty.
Empire Realty is your one stop shop for information and Full Service at a Discount.
Comments(3)