Two Offers, One Short Sale, Zero response!

By
Title Insurance with Old Republic Title 126029

Well, I cannot say I was not warned about the difficulties being experienced on a short sale.  This one will be different I said to myself as I listed the property.  My seller tried to give the home back via a deed in lieu of foreclosure and they (First Horizon) contacted him and asked him to list the home for 90 days in an effort to sell it and not go through the expense, time and additional loss of a foreclosure.

You can see why I was enthusiastic about this particular listing.  It's a beautiful home about a year old and in excellent condition in a premier neighborhood and priced to sell.  Every agents dream listing.

OK, the enthusiasm has worn off and thankfully my two offers are hanging in there but a 3rd offer just arrived and I am worried that I am wasting everyones time though I have been completely up front and honest about the situation.

My question is; does anyone here have a suggestion of the next step?  Does anyone have a contact within the First Horizon family that might actually give a rats behind that they are going to save themselves a lot of time and money if we can negotiate one of these offers.  Do you think that anyone at First Horizon actually cares?  I sure hope so.  I look forward to hearing from my fellow AR associates and appreciate everyone's time!

The Willows in Moore, OK3001 Dogwood Court

Posted by

Russell Benson, Realtor®
Prudential Alliance Realty
Oklahoma City, OK
Serving Oklahoman's since 1998
www.RealEstateOKC.com

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short sale
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Rainmaker
1,561,913
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

First, thanks for being upfront and honest when dealing with people.  Honesty IS the best policy!  No one can fault you.  Second, I'm sorry I don't have the inside scope of First Horizon.  Maybe you can do a "search" on that name and see if you can find someone whose blogged about them??  Good luck with this listing, and I hope the family gets out without too much scaring.

Aug 13, 2009 06:34 AM #1
Rainer
68,585
Russell Benson
Old Republic Title - Norman, OK
We'd love to close your deal at Old Republic!

Carla,

I will take your good luck and appreciate your offer.  I could not find much on AR about First Horizon though I did see a blog on 8/11 about help with a short sale from First Horizon as well.

Aug 13, 2009 07:05 AM #2
Rainmaker
1,707,191
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

First Horizon pulled out of the Oklahoma market over a year ago, and they are not fun , even when the owners are not yet behind on payments. I would recommend lowering the price to get a contract subject to lender approval, get the owners to fill out all the forms needed including giving you permission to deal with the lender. I will talk to Charlene today to see if she has worked with First Horizon lately. She does the backend work on the short sales.

Aug 16, 2009 02:21 AM #3
Rainmaker
1,707,191
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Russell, I just talked to Charlene and she has been successful with First Horizon on a short. She had a similar scenario in that First Horizon does not want the house back and prefers short sales. FYI, First Horizon is also a bank. They financed builders in OKC, but when they pulled out, it was quick, and forced builders to scramble when their notes were called.

Aug 16, 2009 02:39 AM #4
Rainer
68,585
Russell Benson
Old Republic Title - Norman, OK
We'd love to close your deal at Old Republic!

Joe,

Thanks a million buddy.  I found out Friday that they expected a HUD with the offers so those will be prepared Monday but no one told me but that is OK and I will get  those handled.  I have three offers total on this home now.

Aug 16, 2009 04:37 AM #5
Ambassador
2,140,365
Todd Clark
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

First Horizon is one of the better ones to deal with at least here in Oregon. I do agree with you that the fact they told the owner to list it is encouraging.
Good luck and keep us posted to what happens!

Todd Clark - www.LivingBeaverton.com

Sep 08, 2009 12:08 PM #7
Rainer
234,783
Diane Rice
Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - Lansing, IL
SFR, SRES, CNC

Hi Russell.  I am glad to see answers being given to your questions.  Thanks for visiting my blog!

Diane

Sep 26, 2009 06:14 PM #8
Rainmaker
173,700
Christine McInerney
Great Life RE - Knoxville, TN
The McInerney Team, Knoxville TN Homes For Sale

I personally have not dealt with First Horizon, but am always interested in learning more.  Let us know if you get the response you are looking for.

Oct 08, 2009 02:25 PM #9
Rainer
68,585
Russell Benson
Old Republic Title - Norman, OK
We'd love to close your deal at Old Republic!

Well, I am learning a lot about short sales and how they work.  I am faxing offer #4 as I type this and feel like everything will go much smoother on this one.  It is the best offer so far and a really good price.  $295,000 on a $325,000 list price that is current at $314,000.  The seller probably owes $350,000 +/- so all in all not too bad given the expense and time a foreclosure will take.  I sent them current listing and sales data that shows homes in that price range selling for on average $20,000 under list price so we are in the ballpark!

Thanks...........

Oct 08, 2009 04:27 PM #10
Rainmaker
1,707,191
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Russell, I await your next blog. Get busy, Buddy!

Oct 11, 2009 07:03 AM #11
Rainmaker
263,654
Michael Bergin
Coldwell Banker Residential Brokerage - ABR - SRES - Alexandria, VA
Northern Virginia Real Estate

Russell,

Sound like you're taking all the right steps and I really applaud you for bring your question to the AR forum.  What a great place to get feedback.  I'm struggling with my own short sale loan approval.  She has cash money and no debt but "doesn't have enough credit cards" !?!?!?!?!?!?!?

Michael in Alexandria - Northern Virginia's Best Small City

Nov 20, 2009 09:20 AM #12
Rainmaker
643,757
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

Russell, I brought two short sales to completion as the listing agent several years ago (before they were popular).  I decided at that time they should be called long sales not short sales as they take a very LONG time.

Nov 21, 2009 02:29 PM #13
Rainer
68,585
Russell Benson
Old Republic Title - Norman, OK
We'd love to close your deal at Old Republic!

UPDATE!!!!

Well, it looks like calmer heads have prevailed as First Horizon has finally given me approval of a great offer on the property in question.  I feel like the weight of the world has been lifted off my shoulders and I appreciate the positive words of encouragement I have received from my AR brothers and sisters.  This will make for a great end of the year closing.

One thing is for sure, I have learned so much just off this one short sale and while I am not looking forward to my next one, I will be a much wiser agent for when the next one does come my way!

Thanks again everyone...............

Nov 24, 2009 05:12 AM #14
Rainmaker
1,100,858
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Russell I am assuming by what I am reading that you have submitted multiple unsigned offers to the bank? If my assumptiuon is correct this is not what you want to be doing. You should be selecting an offer that you feel the bank will accept and also from a buyer that is willing to wait for an answer. Otherwise you have a bunch of people that are not tied to the home and can walk at any point.

Mar 14, 2010 03:16 AM #15
Rainer
68,585
Russell Benson
Old Republic Title - Norman, OK
We'd love to close your deal at Old Republic!

Bill,

I never submit offers without full and complete signatures.  This sale did close by the way and the home actually appraised for much higher than the sales price so everyone was real happy to get this one closed, me included!  It made for a nice end of the year closing.

Mar 14, 2010 03:51 PM #16
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Rainer
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Russell Benson

We'd love to close your deal at Old Republic!
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