Today we lost a short sale to foreclosure/trustee sale in LaVergne. This was a beautiful, updated, gorgeous condo. I've got all kinds of wondeful comments on it and the showing feedback was always good.
I only had the listing for six weeks total. The property had been on the market for 4 months previously with another agent listed waaayyyy too high at $96000+. I initially listed the property for $69900 and then lowered the price to $63000. We were averaging 7-8 showings per week. Only 2 weeks after I listed the property did we get the foreclosure sale notice for a sale today, July 1st. I knew my time was running short because of the months previously lost but I thought we had a chance.
We provided everything imaginable to Suntrust including pictures of the kitchen sink! I've been to my client's place of work so often to get every new document Suntrust requested that the receptionist stopped greeting me and just waved me on through to my client's work area! The faxes and phone calls are too numerous to count. But in the end, Suntrust would not work with us on the short sale and they sold the condo today for $49,301. Once you subtract all of the attorney's fees, multiple BPOs, and other fees, the way I calculate it Suntrust would have made more money working our short sale offer.
My clients are cool though, and they are asking me to not be upset. The wife says she is actually somewhat relieved that it is all over. I've been told numerous times today what a good job I did and that my clients know how hard I worked. My clients have nothing but accolades for me but I'm still really, really bummed out. It's not the first short sale that I have lost in the race against foreclosure and unfortunately it probably will not be my last. But I'm still bummed.
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