It always boggles my mind why some banks seem to have the short sale process streamlined while others want to make it a painful labor! In my last transaction, Wachovia's Short Sale department made the transaction and experience a smooth one for all. Although I give them kudos for their willingness to work with the sellers, we all know that it takes all parties to come together to truly make it a successful transaction. Here's why I got spoiled:
- There was only one loan on the property
- This was a Wachovia 'Fast Track' transaction and their terms were clearly spelled out
- The listing agent admitted upfront that she had no short sale experience, but assured me her co-listing partner did (I love honesty!)
- The listing agent didn't hide out in cyber world...her preferred method of communication was via her cell phone and always responded quickly to my calls.
- Once the offer and package was submitted to Wachovia, we got approval within 2 days
- From short sale approval to close of escrow...31 days (we closed a week early!)
- The home was in good condition
- The buyer was pre-approved for a loan and listened to the advice of his REALTOR and Loan Rep to not do anything to jeopardize his current credit status
- The Buyer's Loan Rep was local, offered personalized service and got a fantastic rate for the buyer (4.75 on a fixed 30-yr loan). A professional and honest loan officer is worth their weight in gold!
- The Title Company was local, professional and responsive
- The Seller, being in a distressed situation, acted responsible and was very cooperative.
- When some issues came up during the inspection period, all parties stayed calm and worked together for a win-win solution.
I want to congratulate my buyer, Chris, on the purchase of his first home! Unfortunately, he didn't qualify for the tax credit and I admire his thinking that it was more important to find the right home! I thank him for his patience and entrusting me to represent him in the purchase of his new home!
Thanks to all parties that made this a successful transaction. It's nice to be spoiled every once in awhile!
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