We all have a listing that seems to linger. Despite over 30 showings this 2 unit just could not get an offer. Yes, it needed work and the fact that it was vandalized while I had it listed did not help. I continued to drop the price but after the initial interest no showngs for weeks until the next price drop.
But as they say there is a buyer for every home, we finally had an offer. Cash since with the all the repairs and the low price finding a mortgage would have been an even harder hurdle to jump.
I was not looking forward to the final obstacle, this was a short sale but not only a short sale, it was an investment property!
I prepared the over 60 page short sale package. I included current comparables, market trends and an overview letter indicating the seller's current situation, no job, a primary home he was trying to keep, a home that needed extensive repairs and all the backup documentation that the lender required.
Was I ever surprised when after only a few days, I received acknowledgement that they had received the short sale package. I called to confirm and was surprised when I actually spoke to someone within a reasonable amount of time. They told me that everything was in order and that I should be getting an approval letter ins a few days...a few days? Well needless to say I was SHOCKED! Perhaps I had heard incorrectly...I asked again and again the answer was the same. Hanging up I was totally confused. Perhaps, the had misunderstood me since they were not in the States. I had heard that OCWEN, the lender had outsourced their short sale center out of the country.
I called the 2nd day and after talking to the 1st agent I asked to speak to a supervisor who told me that I had heard correctly. The short sale was APPROVED! The approval letter would be sent in a couple of days. Amazed, I was really dazed by the news. Everything I had read on the internet on the various short sale groups I belonged to had prepared me for a long and protracted negotiation. What had happened?
Is it possible that a servicer had vinally seen the light? That common sense had finally made ito the banking industry? I don't have the answers to this but all I can say is - believie it...There is hope...someone finally has figured out to streamline the process and make it work for everyone.
Following is my log on this transaction:
|8/4/2011||Faxed short sale package to Ocwen|
|8/8/2011||Received fax and email acknowledgement from Ocwen|
|8/10/2011||Spoke to customer service agent who said short sale is APPROVED!|
|Should be receiving information indicating approval in next few days. Will inform all parties once approval letter is received with instructions.|
|8/11/2011||Called to confirm status. Spoke with with 2 different agents. Both say its approved. Short Sale approval letter will be sent in next few days!!!|
|8/12/2011||Short Sale Approval Letter Received. Instructed attorney to set closing date as soon as possible|
|8/15/2011||Closing set for Friday the 19th at 2:00 p.m.|
So, keep on doing short sales. Keep fighting the good fight. Perhaps, this will catch on with all those tough servicers, PNC Mortgage, Aurora Loan Servicers, SLS, Bank of America, Wells Fargo, etc. etc. Yes, fellow Realtors, miracles can happen, even when doing SHORT SALES!
If you are considering a short sale in the western suburbs of Chicago, give me a call. I can't promise a miracle but I can promise that I will do everything possible to make it a success.