We finally closed on this short sale this week after 5 months. Short sales do take longer, but this one shouldn't have taken this long.
This home was placed on the market in July of 2008. The seller wanted to start at a price higher that the market suggested, big surprise, but they did have most of the interior of the home painted as I had requested. The home received alot of showings, as a matter of fact, we could have sold the home 2 other times for more moneythan the home ended up selling for. But the seller got greedy. When the offers came in they negotiated just a little but then wouldn't come down any more.
This is a GREAT example of your first offer is usually your best offer. Well then time took its toll, the price reductions began and before you know it they have accepted an offer $20,000 less than the other 2 they had turned down.
The contract was accepted by all on December 17, 2008. We went through 2 counselors at the lending institution during that time period. I won't name the mortgage company on the short but trust me, you have heard of them, they are BIG. The first counselor after we had everything worked out, paperwork complete, etc., BOOM, he's fired, no longer with the company.
Well you would think that won't affect us right, the new person will simply pick up the ball and run with it. No, EVERYTHING had to reordered, resigned, completed anew. The buyer's were livid, the buyer's agent was livid, the seller was livid, I was livid. The mortgage company did not care. Even after explaining to them that we could lose this buyer, "please look at your file, we will have to reduce the price more and then your company will receive less $$$" My pleas had absolutely ZERO effect on him. He didn't care, it was just paperwork to him. And that was how he got paid was to move paperwork around.
So after months of time, receiving an incredible amount of phone calls from the seller, the buyers agent, the title company, and even the buyer, we FINALLY CLOSED.
Have you ever had a short sale take this long?
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