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Short Sale Approved and Closed on 4/15/2008

Option One Mortgage was the lender that had both liens on the property that I had listed and successfully closed on April 15th, 2008. The buyers agent sent in an offer on February 28th, 2008 and a few other offer came in around the same time. This agent must have given his buyer the approximate wait time for the process of a short sale like I told him because all of the other buyers were nowhere to be found.

Fortunately Option One was the easiest bank I've had to deal with in regards to an approval, and they didn't ask for a promissory note or delay with a second or 3rd appraisal or BPO. Not once did I physically speak to the assigned negotiator he emailed me the approval, and gave us a closing date of April 25th , 2008.

For the agents not showing short sales to your buyers you might be missing out on good deals with agents that are experienced with short sales and giving you an approximate accurate time frame for approval. What do you have to lose if you find another property or if the short sale closes.

To qualify for a short sale log onto www.shortsalelistagent.com

Posted by Mike Jackson on 04/18/2008 12:02 PM

Comments (18)

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18 Comments on Short Sale Approved and Closed on 4/15/2008

Hi Mike,

Nice to see that there are lenders that are easy to work with on short sales, since all we hear is how difficult they are. Thanks for sharing and have a great weekend. Michael A. Caruso

04/18/2008 12:10 PM

by Michael Caruso Real Estate Group

No problem Michael, this was a smooth transaction too. Maybe the short sale gods feel sorry for me on the last transaction that was rejected by saxon mortgage.

04/18/2008 12:18 PM

by Mike Jackson (Realty World Global)

Congratulations on getting your short sale closed. We've had recent success with a couple as well. I think many of the banks are very willing to work with short sales right now.

04/18/2008 12:23 PM

by Shannon Jones, Long Beach Real Estate (The Shannon Jones Team)

Shannon Thanks shannon, it seems like short sales are the norm along with reo properties so it's great that the lenders are waking up and getting in gear..

04/18/2008 12:49 PM

by Mike Jackson (Realty World Global)

Good to see. I hear so much about the bad parts it makes me not want to get involved.

04/18/2008 04:13 PM

by Gene Allen Realtor Hampton Roads Real Estate (Resh Realty Group)

I understand Gene, it does take the right buyer to be patient too.

04/18/2008 05:28 PM

by Mike Jackson (Realty World Global)

Mike, clap clap clap. Love to hear about closing of short sales and ones that go smoothly too! Way to go! Keep spreading the news.

04/18/2008 11:27 PM

by Lynn Pineda - Realtor in and around Coral Springs Real Estate (Keller Williams Realty)

Mike, I'll put Option One on my list of "good ones" along with Fremont Investments and Litton Loan.... Thank you, Wendy

04/20/2008 11:17 AM

by Wendy Rulnick "Its Wendy!" Destin, FL (Rulnick Realty, Inc.)

It is so nice when the bank is cooperative with the short sale process... for many this can be a frustrating process. Congratulations!

04/20/2008 03:09 PM

by Chuck Willman, Arizona Realtor®, ABR, TRC (Gentry Realty & Investments)

Thank you Lynn, Wendy and Chuck...

04/21/2008 01:11 PM

by Mike Jackson (Realty World Global)

Mike- congrats! so nice to hear a short sale success story.

04/22/2008 07:56 PM

by Home Run Realty, LLC

Thank you Billie I truly appreciate it..

04/22/2008 08:03 PM

by Mike Jackson (Realty World Global)

I'm pleased to hear that you had a smooth experience with a short sale, especially as you're local. I've had real challenges with qualified buyers and short sales.

04/24/2008 12:18 AM

by Vickie Nagy, Realtor, Specializing in San Ramon, Danville & the Tri-Valley! (Empire Realty Associates)

Thank you Vickie you're right next door to me. Some buyers are definetly hard to qualify sometimes.

04/24/2008 10:47 AM

by Mike Jackson (Realty World Global)

It is the best feeling when things work out smooth and great. I am really happy the Option One helped make the experience wonderful. Good Luck in the future.

05/01/2008 03:28 PM

by Dione Sage (American Mortgage Specialists)

Thanks Dione

05/01/2008 03:44 PM

by Mike Jackson (Realty World Global)

Good info, Mike, especially when there is so much negative hype around short sales, generated by those who do not work them!

05/12/2008 11:14 PM

by Real World Properties, Inc. - Home of ForeclosureBusTampa!

Thank you Loretta. I'm not saying all short sales are a piece of cake but this one was.

05/13/2008 11:58 AM

by Mike Jackson (Realty World Global)

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