Burden of Proof- Seller's Thankfulness- Short Sale Gone Right

Real Estate Agent with RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate

Burden of Proof- Seller's Thankfulness- Short Sale Gone Right.  So all I can say is that some sign in north kingstown rishort 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.

original post: Burden of Proof- It's in the 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.

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This blog © and its contents is original to Ginny Lacey Gorman

the RI waterfront Realtor of Choice


Ginny L. Gorman, a purveyor of Fine RI Waterfront Real Estate   

Specializing in waterfront, ocean front, vacation, coastal and luxury homes for sale in North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich RI and beyond ...  I sell dreams!  Because there is no place like home...the RI Real Estate Agent in the Sparkly Red Shoes.


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Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

I think they need to rename short sales to super long extended pain in the butt sales.

Jun 23, 2011 11:10 PM #3
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

Good morning, Ginny. When attorneys get into the act, they really don't care. They bill by the hour and the more they can muddy up the water, the more money they make. Good to see that all worked out for the best...

Jun 23, 2011 11:17 PM #4
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Ginny, Short sales aren't for the faint of heart.  Glad you and your client were able to persevere!

Jun 23, 2011 11:24 PM #5
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Andy, it was a really rocky haul on this one...i really got my ire up at the end and i spent 2 full days figuring out how to get to the power that be to get what i wanted- it worked...my client hugged me so hard i lost my breath!

Clint, it's a great feeling & the gated community doesn't allow 'sold' signs...isn't that unbelievable...

Deb, it is all very ironic to those doing them...

Michael, they get a flat fee in this case only if it closes...so even yesterday morning before closing time they were then dealing with the buyers lender that had 'goofed' on some items...got them done..phew...

BLiz, happy camper is an understatement...many late nights on the phone keeping the client on the path....thanks

Jun 23, 2011 11:37 PM #6
Bob Hertzog
Summit Home Consultants - Phoenix, AZ
Designated Broker

Yes going through a short sale is never easy for homeowners. This is one of the reasons why it is important to consult North Kingstown short sale agents like Ginny to help them fo through the process faster and smoother. Thank you for sharing this Ginny.

Jun 24, 2011 12:35 AM #7
Carol-Ann Palmieri
RE/MAX Executive Realty, Al and Cal Realty Group - Franklin, MA
"Cal" the Real Estate Gal

Good Morning Ginny!     It takes a lot to have the insight and perseverance to get the outcome all were looking for.    When it does, I wonder what is more rewarding the pay day or the Seller's appreciation?    Awesome.

Jun 24, 2011 01:02 AM #8
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Buyer number 2 always gets my vote for being able to hang on through the raging waters Ginny.  C'mon "backup" offerers!

Jun 24, 2011 02:03 AM #9
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Bob, i do try to do my due diligence on north kingstown short sales and it is paying off for the clients....thanks again from someone who is on top of his short sale game!

Cal...it's definitely the appreciation!

Kevin...it is the other agent & the buyer that perseveres with the seller....

Jun 24, 2011 02:35 AM #10
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Anyone selling short sales can really appreciate this.  Congrats on getting this one closed Ginny.

Jun 24, 2011 03:24 AM #11
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Hats off to you GINNY, for the perseverance you had to get this short sale to closing!     It is tough to get a short sale through with one loan, let alone THREE!     Go celebrate your success!

Jun 24, 2011 08:41 AM #12
Gwynn Carpenter
Gwynn Teal Carpenter-Broker: Home and Hearth Realty (Austin) - Austin, TX
: Broker, Home & Hearth Realty (512)467-6191

Ginny:  You must have nerves of steel and a stomach that doesn't turn over if you as a Realtor hung in on this Short Sell journey!  Hats off to you!!!

Jun 24, 2011 11:22 AM #13
Jimmy Williams (352) 874-2354
Classic VI Realty - Mount Dora, FL
Lake and Western Orange County Real Estate Expert!

Ginny: You got it done..like SOLD!!  Distressed home owners should consult with a proven North Kingston Short Sale Agent.  Congradulations are in order on a job well done!  You have hit a home run for your distressed home sellers.

Jun 24, 2011 11:48 AM #14
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Anita, a long tough one but i honed my skill set to the next level too...client is ecstatic...

Joan, short sales are long and tough but they are worthwhile...working at the North Kingstown short sale agent of choice here.

Gwynn,  many thanks!

Jimmy, it is so good to have it completed...it is on to the next ones waiting for me...short sales are here for awhile so work at it I say...best

Jun 25, 2011 01:40 AM #15
Respect Realty LLC
Respect Realty LLC - Milwaukie, OR
Brokers - Oregon / SW Washington Real Estate

I think a lot of times people think that they should bring out the sledge hammer and a railroad spike when really all you need was one drop of glue to keep a deal done.

Jun 25, 2011 04:26 AM #16
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

The banks lost more money mucking up the short sale timeline.

Jun 25, 2011 11:45 AM #17
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Ginny, I have to give you a quick Congrats....I have picked up many a grey hair due to Short Sales that did not have such an ending

Jun 25, 2011 02:40 PM #18
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Todd, quite an expression but so true..

dave, isn't it sad for all of us who will pay for years on this one..

Endre, thanks...i have plenty of grey but i'm really auburn which gets help from a bottle!

Jun 25, 2011 02:45 PM #19
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

A big part of the success of a short sale process is the stick-with-it-ness of the buyer and the skill of the listing agent.  Looks like it all came together on this one.  Congratulations, Ginny.

Jun 25, 2011 05:57 PM #20
Goran Utvic
606 Homes LLC | Chicagoland Brokers Inc, Chicago IL 60656 - Chicago, IL
We Buy & Sell Chicago Houses Fast

Ginny - excellent work on getting the short sale approved.

Jun 29, 2011 02:02 AM #21
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Jane, it was a lot of work but well worth it for the seller...

Goran, many thanks...satisfying is an understatement..more to go and more north kingstown short sales to work on..best

Jun 29, 2011 03:25 AM #22
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