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Idaho Short Sale >> sets new record and a great Christmas gift

I have been dealing with Idaho Short Sales for over 15 years and have dealt with more Short Sales in Idaho this year than I ever had in one calendar year. My average time frame to get an Idaho Short Sale closed has been about 74 days from the date the offer is written until we close and fund.

I now have a short sale that has blown those numbers out of the water! According to the title company I am dealing with my recent approval has set a new record! I have had this short sale on the market for 288 days with an offer finally coming in on the 289^th day. I submitted the offer to Select Portfolio Servicing Inc. on Wednesday the 10^th of December and the package which they requested included:

1) A copy of the purchase and sale agreement

2) Copy of the Employment Contract

3) 4 comparable sales

4) A HUD1

I added:

1) A CMA summary showing the Actives, Pending, Sold and expired listings broken down to include average days on the market, average asking price per square foot, selling price per square foot, etc.

2) 5 Newspaper articles regarding the local real estate market that were published the past 6 months and proves a difficult market.

3) A letter outlining the pluses and minuses to the subject home backed with good data.

On Monday the 15^th of December, 2008 I received an approval letter from Select Portfolio Servicing Inc. which was "without recourse" fully releasing the borrowers from any liability from over $60,000 the bank is writing off and paying a full 6% commission! No BPO or liquidation appraisal was required! We are closing on 12/30/08 and just in time. The home was scheduled for public auction on January 6, 2009! My sellers are doing backflips and are so happy the wife was in tears of joy when I told them we had an approval and would close right away.

I about fell off my chair! A short sale approval in 5 days! I truly think this was Santa giving my borrowers one of the best Christmas gifts one could ever ask for! It goes to show us what can be done if these loss mitigators choose to do so. It does not have to take months to approve a short sale!

Posted By: George Tallabas - Boise Idaho Real Estate Agent- Associate Broker
with RE/MAX Advantage, Canyon Counties #1 Brokerage in sales and listings
specializing in Boise Idaho Real Estate and Southwest Idaho Real Estate.

Posted by George Tallabas - Idaho Real Estate on 12/18/2008 10:17 AM

Comments (34)

idaho short sales, short sales in idaho

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34 Comments on Idaho Short Sale >> sets new record and a great Christmas gift

DEC

The absurdity of taking an extraordinary amount of time to review, counter or accept an offer by these loss mitigation departments only serves to cast dispersions upon the entire process.

Congrats on your quick turn around after months of waiting.

Happy Holidays!

Herb - Thank you very much my friend and Happy Holidays!

Congratulations George! That's wonderful! A little unprecedented, but wonderful!

You have made another new homeowner very happy with your professionalism and thoroughness.

Merry Christmas!

Carol - Thank you so much my friend! This was a great Christmas present! I hope all is well and Merry Christmas to you!

George, Congratulations! Do you think banks are getting better or was this an unusally easy one? BTW, could you email me your mailing address? Thanks! Diane

Diane - Thank you very much. I have not had this experience with other lenders but this action by Select Portfolio was a much welcomed surprise! Yes, I will email you my mailing address. Send me your email to to george@tallabas.com and I will send it out to you. All my best.

Holy cow George it looks like you set two records in one deal. 5 days??? That is just too good to be true. I would have fallen off my chair:)

Bill - So true my friend. It shocked me when I walked into my office Monday afternoon and read the approval from the fax machine!

Hey George. Good to see you.

5 days is indeed the quickest I have ever heard of. I truly believe the time frame for short sales is going to get shorter as the banks become better equipped to handle them. I just got one approved through Countrywide on 30 days. I thought that was good until I read this post!!!

Bryant - Thanks my friend. It goes to show you what all these banks CAN DO if they want. I hope all is well.

289 days? Can we say long sales cycle? Wow. But the approval side was in a blink of an eye. Nature compensates.

Hi George - wow, and good for you! I would have fallen off my chair on that one, too.

I'm kind of thinking you played a role in that quick approval. Look at all the documentation you sent in with the offer and what they asked for. Your extra work left them nothing else they needed to ask for, and gave them all they needed to make their decision, in my opinion. That speaks volumes about you and how you work. Again CONGRATS and way to go!!!

Ann

Thanks ALWAYS for your AR posts. I am always learning so much through you. I am even falling in love with Idaho through you. Thanks for the checklist for Short Sales. The bank probably fell off THEIR chairs too when they saw that there is a real estate agent who actually follows through and goes that extra mile. You make all of us look good:-) Touche!! Gina

Gary - It is not about how long the home was on the market. What is shocking is a 5 day short sale approval!

Ann - Thanks for the pat on the back my friend. God bless you.

Gina - Wow! What a wonderful comment my friend and I hope you can come and visit our beautiful state. All my best.

DEC

Awesome George! Your list should help lots of agents repeat you performance. This is now featured on the Optimist Board. Keep up the good work!

All the Best to the BEST!

George, I just flagged your post for a feature. Agents need to see this!

Mirela - Bless your heart my friend! Thank you, Thank you, Thank you!

George—As an independent loss mitigation consultant the most difficult thing I do is educate mortgage companies and their loss mitigtion departments about how to streamline their process. My method is to get LMDs to state the amount upfront they are willing to accept instead of having to run through multiple offers. This saves time for everyone involved and reduces the stress level. Of course, there are cases with unique circumstances that will require additional negotiation, but the number of these decrease if LMDs will cooperate upfront.

The documentation package you put together is excellent. This is another way to help the process along. The more information you give to an LMD increases the success rate of closing short sales. Great post—thanks!

George, you have made my day. I'm submitting a short sale package to Select Portfolio on Monday. 5 days is definitely a record! Congratulations. Glad to see you back in the rain.

Linda - Thank you very much for your input. I sheds a lot of light on the short sale process. Have a great weekend.

Kay - Thank you my friend and good luck with your short sale package. You go girl!

DEC

Hi George! Congrats on that 5 day short sale approval. Keep inspiring! Merry Christmas!

The Mortgage Oasis - Thank you and Merry Christmas to you to!

DEC

That is unbelievable, I bet you almost fell out of your chair. Good job, love that you sent them the newspaper articles for your area. We hadn't thought of that one. Scott and I wish you and your loved ones a wonderful holiday season with all of the joy and love that it brings.

Patty - Thank you so much and Merry Christmas to you and all you hold close to your heart!

DEC

That's such great news for you and all parties involved. You sure showed them how good you are.

Tina - Thank you very much.

DEC

Hi George...I dropped by to wish you and your family a Happy and Prosperious Year in 2009!

Cheers... Happy New Year from Fred Carver

Fred - Thank you my good friend. God bless you and have an awesome New Year!

JAN

That is amazing! Awesome deal. Hope there are many more to come in the new year!

Cathleen - Thank you very much and I hope you have an awesome New Year.

JAN

5 days may be a record. The only one I have had a hand in took about three months.

John - Thanks...I am still amazed by it.

FEB

Congratulations on the quick short sale approval. I appreciate you sharing your knowledge and will remember to refer to this post when submitting a short sale in the future. Including those extra pieces of information clearly helped you bring this to a quick decision, beneficial for all parties. Good job!

Christianne - Thank you my friend and I hope you have an awesome "SuperBowl Sunday"!

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