The short sale that sold.

By
Real Estate Agent with RE/MAXPrestige

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!

 

 

Posted by

Sue Riley Realtor, GRI

Prudential Texas Properties

Serving Collin and Grayson Counties and surrounding area.

Offering great customer service for all of your real estate needs

Comments (6)

Highland Beach Condos David Serle
RE/MAX Services - Highland Beach, FL
Boca Raton Agent David Serle

agreed on needing a good agent on the other side.  That is one of the most important things in going forward with a short sale

Jan 24, 2011 09:19 AM
Pat Champion
John Roberts Realty - Eustis, FL
Call the "CHAMPION" for all your real estate needs

Congratulations to you and your buyer's on the close of the short sale. You are right it can be done but does require a lot of patience.

Jan 24, 2011 09:19 AM
Craig Zuber
Zuber Group Real Estate - Eagle, ID
Eagle Idaho Real Estate

I am glad you had a good outcome. I sure it was an exciting time for you and your buyers.

Jan 24, 2011 09:56 AM
Mary Stewart
HomeTrust Real Estate, LLC, Homes for Everyone - Wilsonville, OR
Wilsonville and Surrounding Portland Metro Areas

Your clients must be thrilled especially after 4 months of uncertainty.  I do believe you need to have good real estate agents on both sides of the transaction, with plenty of communication, understanding and perservence.  I never suggest the action of patience, but of understanding, because if you are asking for patience you possibly will receive the lesson of learning to be patient and wait and wait and wait.

Jan 24, 2011 10:13 AM
Lorrie Semler, REALTORĀ® in the Dallas area. Call/text 972-416-3417
United Real Estate - Addison, TX
Real Service. Real Results. Real Estate

Way to hang in there and get the job done.  I'm sure your buyers are thrilled.

Jan 24, 2011 01:47 PM
Sue Riley
RE/MAXPrestige - Van Alstyne, TX
GRI

Thank you for your comments and congratulations, I appreciate it

Jan 26, 2011 09:41 AM