A Step by Step Short Sale Story

   Boy Meets House; a Short Sale Love Story

Boy meets house.  Boy loves house.  Boy wants to spend the rest of his life with house.  House is a Short Sale.  House is an Active Contingent Short Sale meaning that the seller has already accepted an offer, and now it's up to the bank.  Boy doesn't care.  Boy is in love. 

    Boy makes a backup offer.  Boy waits.  And waits.  And waits some more.  Why must he wait so long to have the house of his dreams?

    "It's not you, it's me", says the house.  "You're fine, but the bank needs to know all about me and my owners.  Are the owners suffering financial hardship or do they have a stash of money hidden somewhere and just don't want to pay their mortgage?  Are they secretly getting their brother-in-law to try and buy the house, cheap?   Who is the lender?  Is there  a second mortgage? Delinquent taxes or HOA  fees?  Liens?  That is what's taking so long.  "It's not you, it's me." 

    "Are you seeing other people?"  asks the boy.  "Why yes I am!"  replies the house.  "I am seeing a parade of potential buyers and their realtors.  I saw an appraiser.  I saw inspectors and a surveyor.  I see many people; you must be patient with me."

    Boy loses house.  The bank accepted another contract.  Boy is unbelieving.  Boy is angry.  Boy cries.  Boy is resigned.  Boy is hopeful.  "Maybe that relationship won't work out", he wishes.  Boy waits.  He begins to see other Houses.  Before he becomes emotionally involved with Another House, his realtor calls.  The "buyers walked", so House is available once again. 

    Boy is jubilant.  The house is now a "Bank Approved" Short Sale!  Boy thinks, "now it is easy".  House says "that isn't so".  Boy must wait.  Bank must re-evaluate the house and it's owners to see if the owners are still suffering financial hardship.  Has any unexplained money shown up in their bank accounts?  Are they secretly getting their nephew to try and buy the house, cheap?   Is there a third mortgage?  Deliquent taxes or Hoa fees?  Any new liens?  Boy waits. Boy is weary and dispirited. But then....

    Boy gets House.  And, they (want to) live happily ever after. 

Let me help you with your very own  Short Sale saga in SW Florida.     Dana Carrera, REALTOR