TENACITY PAYS OFF FOR SHORT SALE!

Each property listing has its own life story.  Similar to a good book where there's a variety of emotions this particular property had it's fair share of ups and downs.  I like happy endings and this story has one too.

I listed a property for sale in September 2009 that had 2 liens.  1^st lien was with Bank of America and 2^nd with Principal Bank. 

Our high impact marketing plan immediately went into action.  Within 6 days I received multiple offers and negotiated the highest price possible for our Sellers.  The accepted offer along with our short sale package was faxed to Bank of America a day later (this was before the Equator system).

From middle of September to middle of December the file sat.  I kept calling for updates at least once or twice weekly which is my normal process.  Each time I called the first lender I received a different update.  They either said everything was received or they said nothing was received; or they're waiting for BPO information to be received.

Middle of December I said this is enough!  I asked for file to be escalated.  During this time I learned this was a FNMA backed loan so I needed to get FNMA appraisal done too.

Lender could not tell me who within FNMA needed to be contacted in order to get appraisal done.   Nobody was willing to give me the assistance I needed to get the file moving forward.  Did some searching on the Web to get FNMA info.  Got their main number and left voicemails for someone to contact me.  After 2 or 3 weeks I received a call from someone inside FNMA.  I explained to her why I was calling and she within 3 days had an appraisal ordered.  By now we were middle of January.

February 2010 I received a call from a FNMA appraiser to schedule an appt.  Happy days!!   FNMA appraisal was done Feb. 21^st. 

After several escalations, a page full of negotiator names, and several BPO's later I received approval letter from 1^st lender.  Things were finally moving forward.  

In March sent the approval letter to 2^nd lender which they approved promptly. 

After working 8 ½ months on this transaction it finally closed April 22. 2010.  

My tenacity paid off.  Being persistent is what got this transaction closed.   I can do the same for you if given the opportunity.