short sales

By
Real Estate Agent with Keller Williams Portland Premiere

Relief,

After waiting for 6 months, finally closed on the short sale my young clients made an offer on back in Feb, 09.

We almost bailed a few times, but in the end, we got a great deal on a home in Silverton.

It was very stressfull, cause we had the appraisal done in March (before the new HVCC rules) and we had to relock twice on their loan. I was afraid the the lender would not take the appraisal cause it might be to old and also we did the USDA 100% financing deal that brought another agency in the U/W the loan process.

But, after waiting all this time for WaMU/Chase to sign off on the 1st and 2nd held against the the property, another offer came in and we almost lost the deal. I requested the Listing Agent to immediatly request the 'letter of approval' so we could move on. She complied and the 'letter' was issued and we closed on the purchase.

My young clients, bless their hearts, are delighted with the purchase and seem to think that the wait and stress was worth the time invested in this property.

Not sure if i would make an offer on a 'short sale' again. But sometimes they can work out.

It would seem that the lenders would move quicker on some of these properties to get them off the books.

If you know of someone buying/selling or need financing in the Salem/Silverton area, Service is my #1 goal.

bob frazier

valleyhomesandbeyond.com

Comments (4)

Michael Wayne Jackson
Coldwell Banker - Novato, CA
Broker - Seniors Real Estate Specialist Novato

Wow 6 months that is a very patient buyer. What bank take that long to issue an approval?

Aug 25, 2009 07:26 AM
Bob Frazier
Keller Williams Portland Premiere - Salem, OR

Hey Mike,

IT was WaMU that took so long, then Chase was buying Wa/MU so that had to go to another negotiator for another 3 months.

It was frustrating, cause , as the buyer's agent, i couldn't contact the bank to seek status or put a bug in their ear.

The listing agent had told me that she's waiting for a phone call, I told her to start making the calls.

Finally she persued it more and in the end, it worked out.

 

Aug 25, 2009 07:56 AM
George & Arlene Paukert
Road to Wealth, Inc. - West Palm Beach, FL

WOW, that is a patient buyer, but I'm glad they got a great deal because of their patience!

Aug 25, 2009 11:24 PM
Nannette Martin
RE/MAX Integrity - Salem, OR
Your Purple Shoes Real Estate Pro at RE/MAX

Okay, I'm starting to feel better about the two month wait I've had with my first-time buyer. We are waiting patiently to hear from the bank any day now. But we can't wait forever. We have to close on a home for him by Nov. 30 or he will miss the first-time buyer credit. I'm glad it worked out for your buyers...and for you. I'm hoping the same for our situation.

Sep 12, 2009 01:09 PM