My Best Short Sale Success.....The One That Didn't Happen!

By
Real Estate Agent with Karen Parsons-Fiddler, Broker 949-510-2395 BRE# 01494165

Success is a funny word! To those of us who work on commission, it would seem that success is the closing of a transaction and payment....but that's not the only way to measure success. In this case, I made nothing....but it's one of the best success stories I have. They kept the house!!

Over a year ago (that's right 14 months ago) I was contacted to list a home in my area as a short sale. I checked values, discussed the situation with the sellers and we determined that they really had no alternative. They had a daughter who was just diagnosed with a serious illness and they could not afford to pay the mortgage and care for her. It was going to be hard to move her....but that seemed to be the best thing.

We listed the home, got a great offer and 2 back-up offers. Then put the home showings on "hold" and proceeded with the short sale. One year....almost to the day....we got approval. I called the sellers and the buyer's agent, let's close! The buyers were happy at first, then realized the financing that was available to them a year ago wasn't anymore...so they had to back out. One by one, the back up offers also changed their minds. I was very concerned for my sellers at this point.

I called the short sale lender and let them know what was happening, and she said.....let me get this reviewed in our loan modification department, we have new programs now.

And they got a loan mod!!!! Within 5 days, they were able to make the first payment on the temporary program and last week they called to say it had been made permanent. They can keep the home and concentrate on their daughter!!! Success!!!! True success!

Success is sometimes hard to define.....and sometimes it's very easy!

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Kevin Johnson 04/12/2010 10:23 AM
  2. Christopher Webster 04/12/2010 04:39 PM
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Ambassador
1,229,581
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

I was just speaking with some colleagues today about how so much has changed in short sales and loan mods in such a short period of time. This is just another example.

Apr 12, 2010 02:09 PM #48
Rainmaker
715,933
Ruthmarie Hicks
Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605 - White Plains, NY

Hi Karen,

This is great news.  I've heard such bad things about loan modifications.  How they were much too little, too late.   Although this really did take a LONG time to resolve - at least it looks like its significant enough for the family to look after their child and stay in one place.

Apr 12, 2010 02:10 PM #49
Rainmaker
90,882
Dana Voelzke
loanDepot (203) 733-9408 - Bethel, CT
Loan Officer/ First time home buyer specialist

Hi Karen, Good for you for doing the right thing for the client. I have a long list of ones that turned out like this too. It's great that you posted this...and got a gold star!!

Apr 12, 2010 02:22 PM #50
Rainmaker
182,188
Sherry Chastain
Hendersonville, Nashville, Old Hickory, Lebanon Tennessee - Hendersonville, TN
Realtor, Selling Homes, Lake Properties,Luxury Homes,Short Sales

Wow if all our short sale stories be so great. It will come back to you in two fold as they say.

Apr 12, 2010 03:12 PM #51
Rainmaker
346,268
Dawn Maloney
RE/MAX Trinity Northeast Ohio Real Estate Specialist - Hudson, OH
330-990-4236 Hudson & Northeastern Ohio

Karen, that is sweet! All's well that end's well in this case. You are a caring professional.

Apr 12, 2010 03:23 PM #52
Rainer
294,958
Brian Morgenweck
Power Realty Group, LLC Bergen County, NJ - Hackensack, NJ
Broker/Owner, GRI, CRS, ABR, SRS

Good for you! As Jackie Gleason used to say, "How sweet it is!"

I'm sure they'll tell the story many times over years to come & you'll rack up the good will points (canonization or not!)

Now, you'd mentioned something about a BBQ..............?

Apr 12, 2010 04:11 PM #53
Rainmaker
380,773
Bruce Brockmeier
Internet Marketing Consultant to REALTORS® - Yorba Linda, CA
Coached By Crouch

That's a GREAT story!!!

Well done.

Apr 12, 2010 04:36 PM #54
Ambassador
2,006,977
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

What a wonderful outcome for your clients.  I hope that more owners who would like to keep their homes will get mods, hopefully before everyone goes through all of this. 

Apr 12, 2010 04:36 PM #55
Rainer
211,900
Kristen Correa, Broker
Kristen Correa Real Estate & Reedy Creek Realty Services - Keller, TX
I love coffee & real estate. I am out of coffee!

Love this story. Really, really do. But the less romantic reality is 100% of my loan mod success clients returned in the months ahead still unable to afford the new note... Stay in touch, there is a huge chance they will still need their lil angel in you.

Apr 12, 2010 04:41 PM #56
Rainmaker
161,360
Christopher Webster
Carrington Real Esate Services - Columbia, SC
Columbia South Carolina Real Estate For Sale

It is not always about a paycheck! You were paid well by keeping them in their home! This will be remembered forever!!!

Apr 12, 2010 04:42 PM #57
Rainer
60,622
Pam Turner, REALTOR®, e-PRO®, SFR
Century 21 Belk Realtors Dalton GA - Dalton, GA

So glad everything worked out so well - just too bad it took so long.

Apr 12, 2010 11:48 PM #58
Ambassador
920,046
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

Karen, I am going through the same thing right now.

It took the bank so long to approve, the buyer walked as the financial circumstances changed. The back up offer walked too and didn't let me know, until I called to tell her. Gee thanks...I asked for the paper work and she has YET to send it.

So I  got an new offer 2 weeks ago, sent to bank, same terms and conditions.

They called and walked.Were tired of waiting.........2 weeks!!!!!

My clients can't modify they moved out of area. (((sigh)))

Apr 12, 2010 11:58 PM #59
Ambassador
920,046
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

Karen, I am going through the same thing right now.

It took the bank so long to approve, the buyer walked as the financial circumstances changed. The back up offer walked too and didn't let me know, until I called to tell her. Gee thanks...I asked for the paper work and she has YET to send it.

So I  got an new offer 2 weeks ago, sent to bank, same terms and conditions.

They called and walked.Were tired of waiting.........2 weeks!!!!!

My clients can't modify they moved out of area. (((sigh)))

Apr 12, 2010 11:58 PM #60
Rainmaker
885,037
J. Philip Faranda
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY - Briarcliff Manor, NY
Broker-Owner

Wow, that is great. I can't imagine their relief. 

Apr 13, 2010 12:54 AM #61
Rainmaker
431,812
Shanna Hall
Real Estate Solutions - Kirkwood, MO
I love selling houses!!!St. Louis, MO 314-703-1311

Good for you!  I also measure success not only by a paycheck but the impact we can make in someone's lives!

Apr 13, 2010 01:22 AM #62
Rainmaker
749,943
Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

That is great news Karen! I am sure your clients had a huge weight lifted off their shoulders!

Apr 13, 2010 02:29 AM #63
Ambassador
1,549,697
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

It's just wonderful!!! They just loved this home and the little girl's room is so cute, it would have been so depressing for her to go through this health challenge and not have her pretty painted walls around her. I can't tell you how happy I am.

Apr 13, 2010 02:37 AM #64
Rainmaker
571,618
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Karen,  What a tremendous change of luck for your sellers.   Hope all continues to go well for them.

Apr 13, 2010 06:26 AM #65
Rainmaker
661,949
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

THanks for the post, this is good news.

Patricia/Seacoast NH

Apr 13, 2010 08:36 AM #66
Rainer
147,716
Mike Woods
M.S.WOODS REAL ESTATE, LLC - Indianapolis, IN

That truly is a success story. You're right, success cannot be measured with a dollar amount in some instances.

Apr 15, 2010 03:47 AM #67
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Karen Fiddler, Broker/Owner

Orange County & Lake Arrowhead, CA (949)510-2395
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