Listed a home in North Fort Myers as a Short Sale 11 months ago, had an offer on the table about 45 days after taking the listing. The offer was for $230,000 on a home that the sellers owed about $255,000 on. Only one Mortgage. Lender sent out someone to do a BPO and got back to us in a pretty timely manner and rejected the offer stating that the offer was too low.

3 more months go bye and several price reductions later and we get another offer on the home, this one was for $190,000. Had to fight with the lender to send someone out to do another BPO, as the lender said the BPO from months earlier is good enough. Must have sent them 20 comps and finally they did another BPO. Again rejected the offer saying it was too low.

Submitted another offer about 8 weeks ago, no BPO would be done this time as per the Lender. Again we sent out many many comps to show the contract price was at fair market value. No response from anyone at the Lender, called twice a week and nothing.....

Today without a call or anything, we get a fax stating that they have approved this short sale at the contract price of $140,000.... Unreal!!!

Just thought I would share!

 

7 Comments on 11 months and $90,000 later a short Sale Approval - WOW!!!

Wow -  I just wrote a post about being patient with short sales taking 45-120 days, 11 months. Talk about needing to be patient :)

05/28/2008 09:35 PM by Maria Mastrolonardo - Naperville Illinois Real Estate (RE/MAX of Naperville)

Wish they would have just listened to you the first time!

05/28/2008 09:36 PM by Susan Hilton College Station Bryan Real Estate (CENTURY 21 Beal, Inc.)

I'm curious who the lender was.  It seems like a lot of "small time" lenders who bought up paper or extended themselves are now finding themselves in unfamiliar territory. As a result, they don't know how to deal with this market.  I'm also curious how far up the food chain you went with that first offer. It helps to escalate the issue when necessary. 

05/28/2008 11:57 PM by Bo Buchanan, Blue60.com Directory for Real Estate Pro's & IllinoisHouseHunter (Blue60.com & Kettley Realtors)

Jay, that's insane. But I know it is true. The banks NEED better systems in place. They are losing way more than they'd have to. What is it we tell our sellers? "Many times the FIRST offer you receive is the best offer". Yeah, I'd say so. Congrats on the closing! You rock!

05/29/2008 07:59 AM by Cape Coral Real Estate Broker | Susan Milner | Florida-Future-Realty.com (Florida Future Realty, Inc.)

Would the lender be Litton Loan by any chance?

05/29/2008 01:14 PM by Carmen A. Jones (Optimar International Realty & Excel Loss Mitigation)

It is amazing.  I realize ALL lenders do not want to lose money, who does, but they do some foolish things to try and get all they can, but like you said here, actually get less.  I'm working with a woman right now that has a nephew involved in the transaction, and is owed about $40K, but can get $30K now, and more in a few years, but he says he wants it all now.  Because of his refusal to cooperate, he could end up getting nothing. Amazing what money can do to people!

Signature

06/15/2008 11:15 AM by Ronald Gillis, CNSA Southwest Florida Notaries, Port Charlotte, 941-7-NOTARY (Southwest Florida Notaries (Mortgage Notary Signing Agent))

Happy Birthday partner!!!

06/28/2008 05:38 PM by Charles McDonald / Your Trusted Broker for Charlottesville Real Estate (RE/MAX Assured Properties)

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Real Estate Agent: Cape Coral Real Estate 239-443-8795 - Jay LaGace (Century 21 Birchwood Realty)
Cape Coral Real Estate 239-443-8795 - Jay LaGace
Cape Coral, FL
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Century 21 Birchwood Realty

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