After being in contract on a short sale property for over 7 months (I'm the listing agent) I have the urge to share this Experience. I took the listing of a property that belongs to a friend of mine. She and at the time boyfriend bought this home together 3 years ago. Things happened between them to break up the relationship she moved out and left him with the home. She did continue to make her half of the mortgage payment every month until she realized he wasn't paying his half. So all of a sudden no payments are being made. She was going to allow it to go straight to foreclosure but after we discussed she allowed me to short sale it for them.
Here's a just to name a few hurdles I've had to jump through to keep the deal together and I didn't go out for track while is high school.
Dealing with two sellers who no longer communicate and get all necessary signatures
Dealing with the short sale process of setting up all Authorization requirements with the selling bank
Stopping the foreclosure date
Had multiple offers on property, again had to have the sellers communicate and choose the offer they both agreed upon
I had picked up the buyer from advertising on the Internet so I referred it off, no dual agency
Going to the property and keeping an eye on it since it is vacant and located out in the middle of no where
Cleaning up the property so that it looked half way presentable
Ask one of the sellers to please turn the power on so we can do an inspection
It's a well property so I had to try to figure out how to furn the pump on for the appraiser
In the meantime, the selling bank had gone into the property and changed the locks on the house and didn't tell me nor give me the combination to the lock box for about 5 days. Which became a big problem because inspectors and appraiser came out to do their work and we couldn't get into the property.
So, I ended up having turn on the water and to make a long story short the company that came into the house to winterize by order of the selling bank had removed all the drain caps to the water heaters (idiots) and water came gushing out. You can imagine 50 gallons of water just running out into the bathroom to the living room. NIGHTMARE
called the number on all the little stickers throughout the home wherever plumbing was involved and for some reason they are no longer in business. Fantastic.
Get a company to go out to the property, clean up the mess. By the way there was a water heater in the garage too that dumped completely out. The garage is not your typical garage, it's finished
Another stop of the foreclosure
You ask how did I get in the house because the bank took so long to get me the combo lock, I crawled through a window. I bet that was a funny site
Do to appraiser conditions they requested a septic tank certification, well certification. One of the water heaters blew due to the water running completely out. Had to replace it.. They requested the pool be in working order. So, I spent some time preparing that since the house had been vacant for years
Started filling the pool at 6 p.m and some agents have asked me why I did this and not pool company? We'll during the time of filling it. one of the little hoses blew off the pump. The solar heating started leaking. Etc.
Now you would think with all these issues covered we would have closed by now. Everything good to go. BUT, then the selling bank at the 12Th hour decides the house is worth 35k more than they accepted. REALLY.. Loan docs were on their way out to be signed.
Another stop of foreclosure
I had to send our appraisal to the assist manager and after 3 business days of reviewing decided everything as ok and left the price at what was offered
Now, loan docs have expired, new appraisal needed
This appraiser comes up with needing a roof certificate. Are you kidding me? really?
Call out a roofer and they said they'd have the certificate to us within a few hours. 3 days later no cert.
9 days until closing. This puppy is going to close. No more nightmares.