Miracles can and do happen -

Jeff called this one a Miracle!

Here were just a few of the obstacles in the path of

Closing on the Sale of a Home that involved the

Lenders Approval of a Short Sale....

• An overwhelmed Processor who had over 100 files on his desk of Homes nationwide facing short sales or foreclosure....he also mentioned that other processors were burdened to the point that if and when he took his vacation, NO ONE WAS AVAILABLE to cover the files on his desk, they would sit for the week to 10 days of his absence.
• A never ending ' Black Hole" of paperwork getting lost in the system. We must have faxed over to the Lender the Purchase Agreement, Sellers Hardship Letter and other various documents repeatedly ad nauseam, (they kept saying "we are missing this, or missing that) - of course our faxed confirmation receipts meant nothing :)
• Last minute LENDER change in requirements to Close the Deal. A Promissory Note to be signed the day of closing by the Seller - but - the Lender refused to fax over a copy of the TERMS and CONDITIONS of the Note for attorney review ahead of time! The Seller was just expected to show up Day of Closing and blindly agree to sign documents which may eventually garnish his future income for a home he no longer owned ????

 After this last straw....the deal was off. But what happened next, brought everyone back to the table!

• The  Buyer's Agent wrote to the Local Legislator explaining the above situation: That a future VOTER in his district (who would prevent another foreclosure in town by buying this home), AND a current constituent in his district (the seller of the home) was being denied advance review of documents necessary to successfully complete this short sale.
• The Buyer's personal bank accounts happened to be with the exact same lender that dealt with the short sale:)  He immediately notified this Lender why he wanted to change banking institutions and no longer do any business with them!
• Jeff called the Media :)
• Attorneys were consulted in regard to exploring other possiblities. Apparently there are suits being filed against Lenders for failure to proceed with short sales, but instead proceeding with MORE costly legal foreclosure proceedings that waste precious resources by clogging up our court systems!

Results = On a SATURDAY afternoon 3 weeks later, Jeff received a phone call from an EXECUTIVE officer of this Lending Institution that they would like to see this deal happen! He assured Jeff the Deal Would CLOSE this time and Miraculously ...there would be no need for the Seller to sign any Promissory Note!

 This is just one in a series of Posts For Localism By Jeff & Grace Safrin, F.C. Tucker Advantage Realty, Serving Northwest Indiana...on HOMES SOLD IN A MARKET THAT's NOT SUPPOSED TO BE GOOD....  

Other Posts in this series are:

http://activerain.com/blogsview/569414/Our-Sellers-Become-Our

http://activerain.com/blogsview/530308/Safrin-s-Found-The

http://activerain.com/blogsview/529206/Listed-AND-Sold-By

http://activerain.com/blogsview/503291/Cash-Buyers-Are-Coming

http://activerain.com/blogsview/489526/Valparaiso-IN-First-Time

  http://activerain.com/blogsview/458373/Reverse-Offers-in-Real

http://activerain.com/blogsview/441172/Who-is-NEXT-Referrals

http://activerain.com/blogsview/439592/1st-BORN-2nd-Wife

http://activerain.com/blogsview/421935/Tri-Omino-Effect-on

http://activerain.com/blogsview/421330/IN-A-MARKET-THAT

http://activerain.com/blogsview/452527/A-Step-on-the

 Jeff & Grace Safrin REALTORS - "Spouses Selling Houses' TM

 F.C. Tucker Advantage Realty

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Disclaimer: The opinions expressed by The ActiveRain Network and it's members and those providing comments are theirs alone, and do not reflect the opinions of Jeff and Grace Safrin of F.C. Tucker Advantage Realty. Jeff and Grace Safrin and F.C. Tucker Advantage Realty are not responsible for the accuracy or content provided by The Active Rain Community.