Yesterday was a great day! We received short sale approval on an offer my buyers made in November 2010. My buyers fell in love with this home and put a great offer on it. I called the listing agent and found out it had only one loan with BofA. Unfortunetly BofA did not assign a negoitator until mid-January. I explained the short sale process to my buyers and they said they would wait for this house. That did not stop them from calling me twice a week for an update, even though I make it my policy to call every Friday with an update, even if the update is "no update". A few weeks ago BofA came with a counter offer, higher sales price, no contribution to buyers closing costs, seller contribution and seller promissory note. I thought it was a dead deal at this point. We countered back and yesterday received written approval with a higher sales price, 4% in buyers closing costs paid and no prom note or contribution from seller. Needless to say, my buyers are estastic! They waited "patiently" for 4 months and finally have reached their goal of first time home ownership. They are so excited they are meeting with their loan officer today to lock in a rate and get moving. I feel very honored to be working with this family and making their dream come true! Short sales can be a pain, but the key is communication.
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