Special offer

Short Short Sales and Fast Fast Financing!

By
Real Estate Broker/Owner with Golden Girls with SW Desert Homes BR564219000

Short Short Sales and Fast Fast Financing!

On December 15, my client put forth an offer on a lovely property in Oro Valley, Arizona.  It was a short sale, and had two mortgages on the property.

Anyone who works with short sales knows that they are anything but, and can sometimes take months and months and months.  And if there is a home loan AND a second mortgage or HELOC, the process gets even more complicated.

This particular transaction was dually represented in my own office of Tierra Antigua Realty with another agent, Jim Snodgrass, and his partner with the seller client end of things, Laura Baldwin.

Jim does a lot of short sale listings within Tierra Antigua, and he has a reputation for getting them pushed through, and accepted.  Because he does so many, he has obviously developed relationships with professionals on the lender side of things, because in my mind, he's like a well-oiled machine.  Laura's a people person and I don't know anyone who doesn't like her friendly, outgoing personality.  I was happy to be working with them both again.

My client was educated on the challenges of short sales, and was content to sit and wait patiently throughout the process, as she was obligated for a lease through May.

On January 26th, barely six weeks after our contract was underway, the buyer was informed that the offer had been accepted by the short sale lender, and we could open escrow and start inspections.  After receiving the letter of acceptance late in the afternoon on January 28th, in the form of a clearly defined addendum, I deposited my client's earnest money funds and we were off and running.

On February 18, the new deed was recorded and my client had herself a new home.

FIFTEEN BUSINESS DAYS.

Nova handled the FHA loan process for my buyer...in 15 business days.  That's right, 15 days.

Landmark/Catalina Title handled the paperwork and upon getting word on February 15 that the loan was approved, drew up the paperwork, got the HUD completed and accepted by the short sale lender, did the magic behind the scenes that only they can do, got the seller and buyer in with their respective agents, delivered the paperwork to Nova, etc. etc. (breath, breath) and got the deed recorded by 4 p.m. today, February 18.    Not three days from signing to recordation... Three days from loan approval to recordation.

Short sale   FHA   Appraisal   Loan process

All somewhat scary words to buyers everywhere...because all can mean time, conditions, hoops to jump through, compliances, compromises --

Hats off to Jim Snodgrass and Laura Baldwin for representing the seller and getting the paperwork completed. 

Hats off to Jim Snodgrass for working his short sale professionalism once again.

Hats off to Laura Baldwin for being a breath of fresh air and go-between, frozen pipe checker, HVAC inspector supplier, and etc.

Hats off to Hal Timinsky at Nova Home Loans on River Road, Tucson, and his staff for punching numbers and balancing statements and pushing through to the very last second to pull out a miraculous funding before a three day holiday weekend.

Hats off to Lisa Cunningham and her escrow team for communications between all parties involved.  HUD settlement statement snafus came up at the end, but with determination, they "got 'er done!"

Hats off to Tierra Antigua - home to some of the greatest agents who work together to make things happen for buyers and sellers in Tucson, AZ

Hats off to my buyer, who celebrates a birthday on Monday in the very best way - with a new house to call home.

Hats off to this beautiful view she gets to watch for morning sunrises in her new home.

Pusch Ridge in Oro Valley near Tucson, AZ

Looking for a great team to help you find a new home in Oro Valley, Marana, Tucson, or Vail?  I'm happy to assist!

 

Posted by

If I can assist you in your home buying or selling in Marana, Tucson, Oro Valley, or Vail, please don't hesitate to call me!  Email at Cara@SWDeserthomes.com

Cara Marcelle Mancuso, Golden Girls with SW Desert Homes

520-909-2988   

Regarding the material posted in my blog postings, All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified.

Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law.

  Facebook buttonLinkedIn Button       twitter button

Comments (9)

David Artigliere
Reading, Pottstown, Norristown, Philadelphia - Collegeville, PA
ARTI Home Inspections, ASHI Certified Home Inspect

Wow, great story!  It's refreshing to hear about an efficient short sale and know "short" short sales do exist! 

Feb 18, 2011 02:40 PM
Dan Derito
Success! Real Estate - Brockton, MA

Good job Cara. Short sales go faster when you surround yourself with such talent.

Feb 18, 2011 02:43 PM
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Hi Cara. Great testimonial to Jim, and I do think 15 business days is a near record on a short sale. Good job to you and all involved!!

Feb 18, 2011 03:00 PM
Christopher Taylor
Corpus Christi, TX

Wow, if more short sales start closing in a better time frame more buyers are going to want to look at them.  Congratulations.

Feb 18, 2011 03:56 PM
Raiza Schwartz
West USA Realty - Ahwatukee, AZ
CDPE

That's awesome, I love working with great short sale specialists.

Feb 18, 2011 03:57 PM
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Cara, what a great story about TEAMWORK!!!!  You prepared your clients up front, you worked with experienced agents, the banks are "getting it" and your title and loan company are working WITH you.  Happy homecoming to your clients and kuddos to you for choosing the right tearm.

Feb 18, 2011 04:12 PM
Cara Marcelle Mancuso
Golden Girls with SW Desert Homes - Tucson, AZ
Call a Marana neighbor, I'm THERE!

David - When I saw Jim was the seller's agent, inside I was going, "YES!!"  Great communicator! Must be why the banks all work with him so well!

Dan - a smooth running machine is a big blessing for buyers and sellers!

Thanks Gary - Not only Jim, but Hal at Nova, Lisa at Landmark - I really wanted to give them ALL a little public pat on the back.  I think there was a lot of working going on behind the scenes on this one!

Christopher  - I think at this point, with the market saturation, we have to hope that there's a better system and more understanding for all parties involved.  Hopefully a sign for the days and transactions ahead...

Raiza - it certainly makes it all much easier, doesn't it.  I was the selling agent on a transaction last year, and the buyer's agent seemed to think she needed a daily update...information and understanding of the process is key.

Hello Juli - Your image made me smile.  I brought my client a bottle of wine to go home with tonight to open and start making her happy phone calls.  Best thing is, her dad drove in to help for the weekend from many hours away - thank goodness it recorded in time!

Feb 18, 2011 05:16 PM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Cara,

I was looking for Laura Baldwin here on Active Rain, and up came your post!  Lisa Burns is here, and says "Hi!"

Mike in Tucson

Jan 26, 2012 09:45 AM
Cara Marcelle Mancuso
Golden Girls with SW Desert Homes - Tucson, AZ
Call a Marana neighbor, I'm THERE!

Hi Mike!  Hi Lisa!!!

Jan 26, 2012 12:13 PM