It was with great celebration that the buyers I have been working with for the past 4 months sat down and signed the paperwork on their new home.
When we looked at the homes available this was the only one that met their needs for location and lot size. They also liked the finishes in the house as it matched their furniture and decor choices.
The only drawback, and it was a pretty big one, was that this was a short sale. They were moving from out of state and would be in a corporate apartment with an 18 month old and another on the way. Could they have the patience needed to wait for this sale?
We found out the house was set to be foreclosed on that following Tuesday and so we waited with baited breath to see if the foreclosure could be stopped in favor of a short sale.
As my fellow Real estate practitioners know a short sale is one where the lender agrees to settle the debt for less than is owed. This is better for the seller as they are not the victim of a foreclosure. it typically benefits the lender too as foreclsoing on a house can be costly. The down side is that the lien holder has to sign off on everything and the time this takes is not short.
We met lots of obstacles on the way. lots of frustration, when the lender told us that we would receive approval in a "couple of days" and 2 weeks later we did not have it.
The buyers looked at other options as the time in temporary accommodation seemed to drag on and on but I knew that this was the best house for them, knowing what was available in the area and I know that they are happy now that they have moved.
As they say, all's well that ends well.
If you are looking at buying a short sale, it can be done. All you need a good agent on your side, a proactive listing agent and a huge dose of patience!