The Foreclosure Mess Is Even Messier Than I Thought!

Trying to navigate through a short sale is frustrating enough but this transaction took frustration to the 7th level for both my buyers & me. If you get confused as you read through the story I totally identify with that having lived it! My clients were relocating from New Jersey and had been looking for a waterfront home on Lake Norman. We found a home in really great condition that was barely lived in: custom waterfront with main channel views. The home was listed as a short sale for a list price of $650,000.  We submitted an offer of $612,000 to the owner since it was a limited service listing & he took it to the attorney representing him. He was told that the first lien holder ( Wells Fargo) had directed the attorney to submit the package to the junior lien hold (5th/3rd) since they were trying to negotiate for 5th/3rd to get something back on their loan. The seller continues to have contact with me as the week progresses & says 5th/3rd is "getting ready to let Wells know that they should accept our offer".  So, we wait ( and not patiently might I add). My buyers were really getting close to walking because of the uncertainty in the bank process. Then, surprise! Wells foreclosed and sold the property on the courthouse steps for $$427.000.

The story goes on as the upset bid process starts with 2 major players: my clients & a builder from Florida.  that part of the story ended with my clients buying the house for the price of $665,000- still a good buy for the home. Getting to closing was another fiasco as Bank of America held true to their recent reputation of not wanting to lend money. But, we finally did it after 2 delays by BofA...thank goodness the trustees were willing to work with us in the delay. Despite a bad case of buyers cold feet jitters the day before closing my buyers re thrilled to have the house of their dreams on beautiful Lake Norman, NC.

There was plenty of opportunity for me to put all of my real estate and business skills to the test...along with alot of prayers for a positive outcome!