So....the Trustee Sale/Foreclosure date is quickly approaching. You've worked for nearly a year and FINALLY have approval from both lienholders. Chase holds the first and a small third party servicer holds the second. It hasn't been easy....the second was a HELOC and wanted 20%, but eventually settled for $3000. Now, that's a WIN if I do say so myself!
You pick up the phone to deliver the great news to the buyer's agent (they have been SO patient!), meanwhile you are PRAYING that they didn't find something else like they've been threatening for weeks now......Only to find out the dreaded news....that the buyer, has, in fact, found another home and already completed their inspection! "Sorry," says the buyer's agent, less than apologetically, "But we waited as long as we could".
It's the news that every Short Sale listing agent fears but comes to mildly expect. I can hear those CDPE agents asking...."Did you take non refundable earnest?". Yes, of course, we did, but that clause expired a long time ago. You see, this short sale listing first went on the market back in June of 2009. And here we are, 8 months later, finally with an approval. We have been through several buyers.
Our approval letter is good through 3/12 on the first and 3/29 on the second. The foreclosure date is currently set for 3/25. I have yet to let the first know that we lost our buyer, as I had hopes that we would find a replacement quickly. We placed the property back on the market on 2/17, and we've had some good activity....but no offers. Yes, I realize it has only been a week....but we are under the gun and this isn't the perfect property. The approved price is not exactly aggressive, either, ($334k) and is in a market where there are 3 $100k buyers for every 1 $300k buyer. We have flyers out, the property is heavily marketed online, the MLS listing has been updated, etc. We have gone back to the agents that have shown this home in the past and let them know of the approval and followed up with all leads....
So, Short Sale Agents, what would you do to get this puppy SOLD and would you let the bank know that the buyer walked (and when)?
Do NOT be foreclosed on! Avoid foreclosure. The Bank Pays us to Short Sell your Home.
Want to find out more? www.shortsalemyphoenixhome.com
Jessica Sulliman & Randy Curnutt
602-677-7977
www.ShortSaleMyPhoenixHome.com
About the Author...
This article was provided by Jessica Sulliman, a Nationally recognized Realtor and Certified Short Sale & REO Specialist. Jessica can be reached via e-mail at jessica.sulliman@ashbyrealty.com by cell phone or text message at 602-677-7977. Jessica has helped thousands of people buy and sell their home. For Arizona real estate and homes see www.sunshinespecialists.com or www.jessicasshortsales.com. For more info regarding short selling your home, please visit www.shortsalemyphoenixhome.com.
Specializing in the following Metro Phoenix areas in Arizona: Queen Creek, Gilbert, Chandler, Mesa, Scottsdale, Apache Junction, Gold Canyon, Tempe, Florence, San Tan Valley, Coolidge, Casa Grande, Eloy, Maricopa, Ahwatukee.
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