"Patience is a virtue", we hear this all the time. Although I tend not to agree with this in terms of all aspects of life, I whole heartedly agree with it in terms of a Short Sale Real Estate transaction. We have to be vigilant, steadfast and able to understand what is happening, when and why. We have to be persistent, relentless and make about a bazillion and a half phone calls to ensure that proper care and handling is being exercised for the duration of the deal. It's a ton of work, we as agents really earn the commission once the transaction closes.
Example: I'm just about to close on a Short Sale deal that has been in the works since February. All the phone calls and the coordinating of schedules that was needed for this deal to pull through was nothing short of immense. The mountain of paperwork and signatures/initials needed seemed endless at one point. But I had to just keep pugging away and work through the material to finally see the process through to the end, which as of right now is roughly 10 days away. See, even when the time is short to close, it still seems like a long way off and the light at the end of the tunnel still appears dim. Once the legwork is complete though, there will be a great feeling of elation and accomplishment. Patience is paramount when it comes to these types of deals.
Feel free to add to this topic and include your horror stories and triumphs that you have experienced in a Short Sale transaction. I'm pretty sure that no matter what the situation is or how good the agent or parties included in a sale are, they all had to be patient at one time or another.
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