Burden of Proof- Seller's Thankfulness- Short Sale Gone Right. So all I can say is that some short sales are extraordinarily hard due to the banks, lenders, investors, attorneys, buyers, sellers, realtors but at the end of the day the burden of proof is the seller's thankfulness.
It was another North Kingstown short sale success for a seller who hung in there with the North Kingstown short sale agent of their choice. Remember what a short sale is? A homeowner owes more on their house than it is worth and can no longer afford to pay the mortgage due to a hardship and the bank (lender) has agreed to take less money at closing for the home than the mortgage amount.
The buyer's agent on the other side of this short sale helped the buyer through the ordeal we had with the banks....multiple banks- like three of them. The buyer (a first time home buyer) was number two in the line up after the first buyer walked away because he didn't like the price the bank came up with although it was just $5000 different then where I thought the price should be. This buyer hung in there through all the ups and downs until the very end when the banks and investors pulled more shenanigans for more than 3 months. Where was the approval letter...we waited weeks for after the 'ok'- it just was not coming!?
My seller had been in for the short sale long haul and an ungodly process of waiting, some progress, setbacks and just not wanting to lose this buyer. How surreal this is for a seller in many ways because no amount of explanation from the realtor on this short sale process truly prepares the seller for the journey. The seller had almost given up and ready to do a deed in lieu but held on with my encouragement and battling.
It was a right call by this North Kingstown short sale agent when 2 weeks ago we got the final approval letter from the powers that be at Bank of America. I had to step into the fray and tell the attorneys, 'this is not working- let me run with it'. See what else you can do, the attorneys said.
One day, just one day that is truthfully what it took- after months of processing between banks, investors, etc. to iron out, with the right person, to waive the deficiency judgment for my client with a small dollar seller contribution at closing and get that final approval letter in my inbox. There is way more to this story (what i did in that one day) and this is no tall tale, it just is a short sale gone right. The burden of proof is in the outcome and the client will be my best business advocate for future real estate business. Burden of Proof- Seller's Thankfulness- Short Sale Gone Right.
Ginny Lacey Gorman is a North Kingstown RI Realtor who works and knows the RI geographic area of homes for sale, schools happenings, important tidbits of information and businesses well here. If you are having trouble paying your mortgage, pick up the phone and call me now! Waterfront, oceanfront, luxury and coastal RI homes for sale are her specialty, so call Ginny for your buying and selling needs in homes. So feel free to search for RI homes for sale. When you are in need of an internet savvy RI Realtor® who SELLS RI houses in this real estate market, call Ginny today at 401.529.7849.