Over the past year I've entered into quite a few short sale agreements with clients whom saw a deal that was simply too good not to "give it a go." It always feels that way, and undetermined end date with definite expectations. All efforts are made to explain the magnitude and risks of the situation. With risk comes reward but risk is well....risk.
So far my short sale results have been mediocre. I had a buyer side where the seller decided deed in lieu of foreclosure was the best option after we had a ratified contract. Far from ideal when the buyer already spent $700 on inspections. I had one deal go over the 6 month mark, which wasn't a big deal because it was contingent but when their house went under contract time frames were accelerated. They opted for another house. Everyone knows the short sale process is still quite flawed. Agents make their best efforts to keep the deal on track and potentially realize a settlement. Don't mistake getting to settlement as greed, but as success. Success for the agent, the seller, and most importantly the buyer.
So I started losing hope in short sales in general. There has been some success, but with that success came truck loads of frustration. The most recent short sale is with Suntrust. They've been easy to get ahold of and deal with but time frames have remained unknown throughout the process. My buyer and I were starting to reassess the situation and talked about looking elsewhere. We are approaching that point of no return, that point where you start to say "we waited this long."
Last night the listing agent received a call from Suntrust. What's that? Yes, a proactive call from the bank. They laid out the details, the steps, and a more definite time line. It's still not perfect but at least we have something positive to carry us through the end of our current agreement.
I don't really know what I'm trying to accomplish with this blog, but perhaps it's a glimmer of hope. If you've been patiently waiting to get to settlement it can happen. It can happen very quickly once the ball starts rolling. Picture a huge boulder. It's really hard to get moving, but once it's rolling it can go pretty quick. I'm hoping yesterdays news will translate into a settlement in the next 2-3 weeks.