Short Short Sales and Fast Fast Financing!
On December 15, my client put forth an offer on a lovely property in Oro Valley, Arizona. It was a short sale, and had two mortgages on the property.
Anyone who works with short sales knows that they are anything but, and can sometimes take months and months and months. And if there is a home loan AND a second mortgage or HELOC, the process gets even more complicated.
This particular transaction was dually represented in my own office of Tierra Antigua Realty with another agent, Jim Snodgrass, and his partner with the seller client end of things, Laura Baldwin.
Jim does a lot of short sale listings within Tierra Antigua, and he has a reputation for getting them pushed through, and accepted. Because he does so many, he has obviously developed relationships with professionals on the lender side of things, because in my mind, he's like a well-oiled machine. Laura's a people person and I don't know anyone who doesn't like her friendly, outgoing personality. I was happy to be working with them both again.
My client was educated on the challenges of short sales, and was content to sit and wait patiently throughout the process, as she was obligated for a lease through May.
On January 26th, barely six weeks after our contract was underway, the buyer was informed that the offer had been accepted by the short sale lender, and we could open escrow and start inspections. After receiving the letter of acceptance late in the afternoon on January 28th, in the form of a clearly defined addendum, I deposited my client's earnest money funds and we were off and running.
On February 18, the new deed was recorded and my client had herself a new home.
FIFTEEN BUSINESS DAYS.
Nova handled the FHA loan process for my buyer...in 15 business days. That's right, 15 days.
Landmark/Catalina Title handled the paperwork and upon getting word on February 15 that the loan was approved, drew up the paperwork, got the HUD completed and accepted by the short sale lender, did the magic behind the scenes that only they can do, got the seller and buyer in with their respective agents, delivered the paperwork to Nova, etc. etc. (breath, breath) and got the deed recorded by 4 p.m. today, February 18. Not three days from signing to recordation... Three days from loan approval to recordation.
Short sale FHA Appraisal Loan process
All somewhat scary words to buyers everywhere...because all can mean time, conditions, hoops to jump through, compliances, compromises --
Hats off to Jim Snodgrass and Laura Baldwin for representing the seller and getting the paperwork completed.
Hats off to Jim Snodgrass for working his short sale professionalism once again.
Hats off to Laura Baldwin for being a breath of fresh air and go-between, frozen pipe checker, HVAC inspector supplier, and etc.
Hats off to Hal Timinsky at Nova Home Loans on River Road, Tucson, and his staff for punching numbers and balancing statements and pushing through to the very last second to pull out a miraculous funding before a three day holiday weekend.
Hats off to Lisa Cunningham and her escrow team for communications between all parties involved. HUD settlement statement snafus came up at the end, but with determination, they "got 'er done!"
Hats off to Tierra Antigua - home to some of the greatest agents who work together to make things happen for buyers and sellers in Tucson, AZ
Hats off to my buyer, who celebrates a birthday on Monday in the very best way - with a new house to call home.
Hats off to this beautiful view she gets to watch for morning sunrises in her new home.
Looking for a great team to help you find a new home in Oro Valley, Marana, Tucson, or Vail? I'm happy to assist!
Comments (9)Subscribe to CommentsComment