Short sales- a day in the life of a short sale agent.
WOW! What a week we had!
First off, we had good news but a very trying week!
We received 3 acceptances for short sales that we have offers on this week. Things were getting pretty hot and heavy during some strenuous negotiations with some tough lenders and up the ladder Nestor climbed to find those in charge who could make some sensible decisions. Nestor has the great internal instincts to negotiate and persuade others to rally for his side. He also does not like to lose. So his teeth go in and stay there until we get the answer that we want to hear. This takes tenacity and strong patience to hold back his tongue from speaking all sorts of words and feelings better left tempered.
We have this one offer for one of our short sales that is in foreclosure. The lender turns down the offer because the offer does not fit within what the lender wants to net yet their value is from a BPO that was done back in May. I tell the negotiator about the market here and that the values have gone down since May and he needs to order a new BPO. This young guy starts to tell me how real estate works and how FHA buyers are going to need 60 to 90 days to get their loan! WHAT! We close FHA deals from start to finish in 2 weeks to 3 weeks. I tell him that I an a Realtor(R); I think I know what I am doing. Nestor has some patience because I could feel him tapping on me to settle down with this guy.
Nestor says he is just going above his head. Within 20 minutes we get a call from one of the executives who tells us that things will be reconsidered. They will order a new BPO.
In the meantime, we told the buyer what was going on and they increased their offer to where we may have a workable solution without a second BPO. We will know more when we get their net, (the amount that the lender wants to receive after all the closing costs are paid).
Then came the nightmare of all nightmares. The dreaded call from the homeowners- they had papers in the mail that day with a foreclosure sale date of- you guessed it- the following morning. (We had that happen to us once before but we saved the day).
The attorney for the lender asked for this hearing at the beginning of last month and NEVER notified the homeowners! They receive the documents when they arrive home and look in their mailbox. That is when they find out that in 12 hours from then they were going to be losing their house, a house that had a short sale offer in progress on it! We got the call from the homeowners at 6 p.m.
Nestor quickly started shooting out emails up the chain of command. I started looking up the court case records online to see if there were any other motions filed that the homeowners were not notified of. We both started consoling the homeowners and giving them the moral support that they were going to need to get through this highly stressful time.We gathered all the emails and documents they would need to show the judge that they did have an offer on the house that was highly likely to be closed on soon.
By 10 p.m. that evening we were getting emails from the negotiator and the top managers that they had stopped the sale and that the homeowners did not need to go to try to stop the sale. This was a 2 hour drive for the homeowners to the court. But we and the homeowners felt they still had to go. We can trust no one in these situations.
At 10:00 a.m. the homeowners called us after they left the courthouse. The opposing council was there and told the judge that they were canceling the sale because they had an offer in the works. The judge wished the homeowners good luck. They were so very thankful to Elohem for the miracle they said they witnessed. I said to them that I was sorry they had to make the drive. They then told me, "No, we had to go. We had to go to witness the glory of Elohem, his amazing hand in our lives and how blessed we are." Tears filled my eyes as I felt their amazing faith in their hour of need and trial.
This is why we serve our clients. This is why we do short sales. This is why we will not give up!
You can read our short sale series here: Short Sales Florida.
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Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Royal Palm Beach, Loxahatchee, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.
Call us today at 561.753.0135 or Toll Free 800.444.3316. Contact us by email if you prefer by clicking on email me on the right side of this page under our profile.
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P.S. If you are listing your home as a short sale in Palm Beach County Florida and Port St Lucie Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 561-753-0135 to find out more about Palm Beach County Short Sales and Port St Lucie Short Sales.
Copyright © 2008 By Katerina Gasset, All Rights Reserved.*Short Sales Saga- Nightmares or Fairy Tales? A Day in the Life of a Short Sale Agent.*
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