NEVER... EVER Give Up On Your Short Sale!

By
Real Estate Agent with Francis Group Real Estate

Never... EVER Give Up on Your Short Sale..

As I walked across the office carrying over six folders of paperwork more then one question was asked if I had had a busy day/week. Nope... this is just one file I casually answered.

One file? Yep. One file... just closed escrow on it I casually answered again.

Easily over 1,500 pages of documentation in those six folders. It took six buyers and five No's to get a yes and get it to closing. Over 600 e-mails... well over 30 hours on the phone in a span of over two years. I personally closed well over 50 short sales in that same time span...

Casual curiosity turned into questions that were fun to explain...

Pretty much everybody in the office knows that I do Las Vegas short sales and have been doing them for quite some time. I have several other real estate agents that want nothing to do with them and refer them to me. When they leave the office... they wish me a good night since more often then not... I'm the last one to leave the office.

Some interesting questions asked:

Who was the lender(s)?

Originally... Countrywide. Then it turned over to Bank of America. Some heads turn in agreement on how difficult the original Countrywide Short Sales were... and how many of them just turned into foreclosures for all of those sellers that just gave up. Our first two buyers were shot down by Countrywide... they wanted far too much then what the property was worth and FAR TOO much for my sellers to contribute when they had no money to contribute.

Why did it take so long for this Short Sale to Close?

So long of an answer from the sellers lenders.... so many bad answers when they came up with one. So many buyers who said forget it and moved on.

Quite Honestly... I had almost said NO and that's the most Important No there is..

But I never said NO... and neither did my sellers. We never gave up from the time we took the listing in February of 2009 until we finally got the lenders to say yes in July of 2011. The only NO's I gave were the ridiculous terms the lender was giving us. For example: May of 2009... they wanted the buyer to pay $10,000 more then the property was worth AND for my sellers to pay an additional $10,000 cash to settle the account with NO future deficiency judgment rights waived.... We gave them the big NO. They closed the file and we had to start over.

They said NO... we said YES to continue on and try again. We continued on until we got the Yes we wanted which included all future deficiency judgement rights waived which is SO, SO important to obtain in writing in Nevada.

You Lost Money On this Deal..

Sure as hell did and Oh Well. I easily lost money on this $160,000 deal and with the way my sellers acted during the whole process.... I would not hesitate to do it again. These were dream clients who wanted to do nothing but the right thing and those are my type of clients. Not one bitch during the whole process when I had to ask for updated financials and all of the other jump through the hoops nonsense some lenders ask for.

We Never Gave Up to Get that Yes...

My sellers were the absolute champs of the distressed homeowners world. Yeah... I stuck with it for over two and a half years to help make it happen but my sellers were the epitome of fantastic homeowners who did whatever it took to get to closing day and never gave up. They could have easily just walked away and let their Las Vegas home become another sad foreclosure statistic but they did not....

Geez... they never even asked for anything but a short sale approval. My opinion... but if you want to help any homeowners... these are the homeowners that should be helped.

Best Wishes and NEVER GIVE UP! If you don't get what you want the first time around.... try, try again. Short sales are so much easier then they were three years ago but they still require Pros who don't care about the money when it comes to doing the right thing.

Cheers!

Paul Francis
Las Vegas Short Sales
702.592.3058

Comments (7)

Debbie Holmes
John L. Scott - Boise, ID
Gets the job done!

I admire your perseverance.

Sep 07, 2011 02:06 AM
Brian Sharkey
SharkeyRE LLC - Tequesta, FL
SharkeyRE - #SouthFloridaBroker

Paul stories like this have made my business grow.  I started short sales when agents ran, I mean RAN away from them.  Many agents refereed customers and even asked me to short sell their own houses.  The customers they sent my way are loyal advertisements four and five years later.  You are right never give up and always look out for their best interest and you will win.

Sep 07, 2011 02:07 AM
Andrea Bedard
Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD
Fluent in German and Real Estate * M.A. ABR ASP

Paul, we can all learn so very much from you! Not only do you have the know-how but also the people skills that so many agents are lacking, compassion & understand AND the backbone needed to take it up with the lender! Your sellers are very fortunate that it was you they worked with, other agents would have given up a long time ago. Congratulations to you and your sellers! This is one of the most inspiring blogs I have read on AR.

Sep 07, 2011 02:09 AM
Paul Francis
Francis Group Real Estate - Las Vegas, NV
Las Vegas Real Estate Agent - Summerlin Homes

@ Debbie -- Thanks... but please admire my sellers and give encouragement to the sellers you come across that just want to give up. Feel free to give them my number if they need some encouragement on doing the right thing.

@ Brian -- Thanks... I have some life long friends through the handling of all of these short sales... many of us hang out regularly.

@ Andrea -- Wow! "Most Inspiring" is a very big compliment.... Thank you so much!

Sep 07, 2011 02:21 AM
Evelyn Kennedy
Alain Pinel Realtors - Alameda, CA
Alameda, Real Estate, Alameda, CA

Paul:

You demonstrated what a good agent should be doing.  Sometimes sales are a breeze (less so now then in the past) and sometimes they are a nightmare. 

Sep 08, 2011 03:03 PM
Anonymous
Mala Vaish

Paul,

I love the challenge of doing short sales and right now I am going through the same scenerio. Chase bank is letting a perfectly wonderful property go to complete waste by not responding. It was hearting to know that tenecity can result in a closing. If you could share any tips for speeding up this process, I would greatly appreciate it.

Thanks,

Mala Vaish, Metropolitan Real Estate Services, Fairfield, CT

Sep 09, 2011 03:51 AM
#6
Don Barrett
Integrity Real Estate Services - Idabel, OK

Paul, I know that these sellers are going to sing your praises for a long time. You did an outstanding job for these people.

Sep 09, 2011 02:53 PM