Are We There Yet? RI Short Sale Enduring Climb
My short sale sellers keep asking me are we there yet? Again another RI short sale which is taking longer to close.
Yes, even the short sale approval letter has been in my hot hands for weeks now. However, the buyer is doing a rehab loan which has now moved into another loan product so she can do the dollar upgrades the loan program requires. See as a listing agent, I wanted to make sure the soundness of a buyer meets the needs of the seller. It was one buyer and one seller and a lack of other offers. As time dragged on the seller just wanted a good offer to move it forward and the seller had one.
It had to be a cash offer otherwise for this house due to the amount of lead paint remediation, etc. that is required. No reasonable cash offers came in ...except extremely low offers. Not considered by my seller. Every dollar less than needed would mean the seller will need to pay in a partial promissory note back to the lender. No mortgage dollar forgiveness is given with RI Housing loans (i.e. no short sale deficency waiver). Although I am finding that this lender is not being terribly burdensome to the seller as they have been in the past on RI real estate short sales.
So in this short sale the HUD contractor gave his bids for the exterior and interior house work to be done. The HUD consultant came out to review, add to required repairs and establish a must do basis for this short sale buyer. The improvements required by HUD are tough such as pouring a concrete floor into a basement that has no exterior access! It is a home improvement required. The seller says I want to keep this buyer and we will renegotiate purchase price. So it moves along at the lenders level and now passed to the MI (mortgage insurance) company to see the final outcome.
It is an enduring climb on this short sale I feel will work out for my short sale seller. But again who knows. Are We There Yet? I am saying my prayers! RI Short Sale Enduring Climb.
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