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!