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I Fought And Won - Saving A Short Sale From Foreclosure!

By
Real Estate Agent with RE/MAX Broker, RE/MAX 1999033519

I Fought And Won - Saving A Short Sale From Foreclosure!

Short sales are difficult enough without losing one to foreclosure.  But the bank doesn't know they are dealing with a stubborn Springfield  RE/MAX Real Estate agent!Stubborn Real Estate Agent

Working a short sale for the past six months, the bank took four months to agree to complete a short sale on this property.  Needless to say, we lost several potential buyers. 

Finally, when the last buyer walked.....after bank approval, winter hit and the showings stopped.  Two weeks ago, we received a great offer, knowing the foreclosure date had been set.  The bank received the short sale package and called a week later.  They didn't have the latest bank statements and wasn't going to stop the foreclosure date.

The seller ended up having to leave the country and getting the bank statements was not an easy task, but on Saturday, we were able to send the bank the latest bank statement.  President's day gave the bank the day off and today was the foreclosure date.....what else could go wrong.

So this morning, I started early calling the bank.  No they weren't going to stop the foreclosure!  WHAT?  I have a great offer, all documents are now in and they won't stop the foreclosure!  After arguing with the voice on the other line for a half hour, they finally agreed to excelerate the postponement request.  Of course I'll wait on the line until they email the negotiator. 

Calling hourly, before noon, the foreclosure was postponed in order to review the short sale.  Whew!!!!!  That was too close.  Now, let's get this closed!

 

Larry Costa
Century 21 Classic Gold, Carver MA - Carver, MA
Realtor, MA Real Estate

Good job Kay! Hope you get it closed now.

Feb 22, 2011 03:35 PM
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker Associate ,CRS,GRI,SRES, Brea,CA, Orange Co

Hi Kay,

Oh my, good for you, your home seller and your "never give up attitude". If I were a Ozark, MO home seller I'd sure want you on my side!

Congrats to you all!

Feb 22, 2011 03:37 PM
Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Evening Kay

Thanks for the post. Have a great day

Feb 22, 2011 03:44 PM
Sheila Newton Team Anderson & Greenville SC
Berkshire Hathaway HomeServices - C. Dan Joyner - Anderson, SC
Selling the Upstate since 1989

sounds like you had your hands full... Short sales are always interesting!!  Good luck getting it to close now!

Feb 22, 2011 03:44 PM
Jeanne Kozak
RE/MAX In Action - Martinsburg, WV
REALTOR and Broker/Owner in WV and VA

this is happening a lot these days, we had just about the same thing happen, and were able to save it, again!

Feb 22, 2011 03:45 PM
Carolyn Kolba
Serving Mentor, and all of Lake County, Ohio - Mentor, OH
Keller Williams Realty- Mentor, Ohio

Kay, there is always so much work involved in Short Sales and Foreclosures.  It is just wonderful when you can manage to beat the system, and make things better for the seller.  Good... For... You !    <suggested>

Feb 22, 2011 03:58 PM
Praful Thakkar
LAER Realty Partners - Burlington, MA
Metro Boston Homes For Sale

Great job, Kay Van. It's always a difficult task to avoid foreclosure.

Now that you have an opportunity, win again...close the sale.

Feb 22, 2011 04:49 PM
Praful Thakkar
LAER Realty Partners - Burlington, MA
Metro Boston Homes For Sale

Great job, Kay Van. It's always a difficult task to avoid foreclosure.

Now that you have an opportunity, win again...close the sale.

Feb 22, 2011 04:49 PM
John Michailidis
Real Property Management of Sarasota & Manatee - Sarasota, FL
Real Property Management of Sarasota & M

Been there before . . . So happy to hear of your success Kay!

Feb 22, 2011 04:54 PM
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Kay, those short sales can be daunting, it takes patience and persistence to do them.  You sure are the right person for it, no doubt!!!  

Feb 22, 2011 06:47 PM
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Kay, Congratulations on the persistence!  Hourly workers at the bank just have no reason to care, part of the reason the system is dysfunctional.

Feb 22, 2011 10:24 PM
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

Rita, hope you are doing good on your short sales too.  They definitely are stressful.

Feb 23, 2011 02:36 PM
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

Bill and Liz, so true.  Some of these banks are hiring new people off the streets that don't care.....just drawing their pay.

Feb 23, 2011 02:37 PM
Larry Lawfer
YourStories Realty Group - Newton, MA
"I listen for a living." It's all about you.

Kay, good for you. I wish you were in Dallas so I could give you a referral.  I have had a hard time finding a professional who is willing to do the work.  I am amazed at the laziness and lack of focus of some agents in this regard.  Since I am now in Boston I just can't be the help to get it done.

Feb 24, 2011 12:00 AM
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

Congratulations! But now I’m going to be singing “I fought the law” for the rest of the night. J♪♫♫♪

Feb 24, 2011 12:24 PM
Kelly Townsend
Coldwell Banker - Santa Rosa, CA
CDPE, Realtor

Congratulations. I'm in the same position with mine. The sale date is set for less than a week and I still don't have 2nd lien approval. I'm hoping that I can also get it stopped, although so far they have been very adamant about not postponing. Crazy to think they would rather foreclose than complete a short sale where everyone gets more money in the end. I feel like I'm in a pressure cooker.

Feb 26, 2011 04:22 AM
Tim Peterson
Wisconsin Realtor Safety and Concealed Carry Classes - Madison, WI
Realtor Safety Training Classes

Hi Kay-what an amazing story-hope you get some easy ones to make up for it

Feb 26, 2011 10:46 PM