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Terri, I Miss You, Too

By Jon Zolsky, Daytona Beach, FL

Real Estate Broker/Owner with Daytona Condo Realty, 386-405-4408

September 20, 2011 04:36 PM

I posted The War & Peace of Short Sale a couple of weeks ago. It was at a time when I thought that all the hurdles were over, and we were sailing uneventfully to the Closing.

Wrong. The documents were sent to the Seller but the Buyer's Lender did not send the package to the Title Company because of the insufficient insurance on the condo building.

And in the evening on Thursday last week the Closing set for next day, Friday, looked dead in the water, and then the stars lined up in the last moment and we closed.

It was my longest Short Sale. It took 2 years, 6 months and 25 days from listing. Yep, and these 2 years, 6 months and 25 days were anything but a vacation. Every time we were thinking we would be closing within days something happened. Lender takeovers and we went through two, each time losing a buyer in the long wait, and every time after the dust would settle, we had to submit to a now new lender, and each time they would tell us that they would not agree to any short sale.

Longest Short Slae

Going through court mandated mediation, which the attorney for the Lender sabotaged from start to finish...

We kept coming back as phoenix and starting it all over again. Did I really believe that we would close one day? It was not about believing, it was about hitting the wall and bouncing back, and until foreclosed, it is never the end...

And we beat the foreclosure, and closed the transaction... and the negotiator laughed and told me she would miss me...

Terri, I miss you, too...

Well, not really (LOL)

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Evelina Tsigelnitskaya

SIB Realty - Sunny Isles Beach, FL

Wow, long way and you finished it, congratulation, many more and for less time!

Sep 20, 2011 05:28 PM

Andrea Swiedler

Berkshire Hathaway HomeServices New England Properties - New Milford, CT

Realtor, Southern Litchfield County CT

LOL Jon, I am guessing you miss her like a toothache!

Sep 20, 2011 11:05 PM

Broker Nick

South Florida Real Estate & Development, Inc. - Coconut Creek, FL

Broker Nick Relocation Broker Service

And then the buyer's agent wonders why I charge a short sale transaction fee, the work to close short sales is getting more and more difficult and time consuming.

Sep 21, 2011 12:48 AM

Bob Jakowinicz

National Realty Centers Livonia--Bob Jakowinicz - Livonia, MI

Michigan Real Estate Agent-- MI Real Adventures

Congrats on your closing! You earned it

Sep 21, 2011 03:33 AM

Jon Zolsky, Daytona Beach, FL

Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL

Buy Daytona condos for heavenly good prices

Evelina - yep, it was a very long short sale. Thanks for stopping by

Sep 21, 2011 03:42 AM

Andrea - Terri was my contact at the last lender, who bought the loan as a package. First it was "we are not going to agree to lose even a penny", but since they transitioned to accepting a short sale, she was as part of success as anyone else.

She was really a type of negotiator I would want on my other short sales. So, not a toothache, not at all. And in a sense, I would miss Terri and remember her every time negotiators on our other deal do not respond, or respond with stupid demands

Sep 21, 2011 03:45 AM

Nicholas - we do not charge any fees. And in this case, BTW, I ended working with both sides in order to make it happen. No, there was an agent, who brought me the contract, but the Buyer figured that if he wanted the deal, he needed to work directly with me, and his agent was cool with it. Why wouldn't he? Got the same commissin I got.

Sep 21, 2011 03:49 AM

Thank you, Bob

Sep 21, 2011 03:50 AM

Yolanda Hoversten

Self Employed - O'Fallon, IL

Referrals for O’Fallon, IL & the Metro East

Congratulations, Jon. It has to be one of the longest, if not the longest transaction in history. :)

Sep 21, 2011 03:54 AM

Yolanda - I really do not want to beat my this record. I have another one just short of two years, and hope we close sooner.

Thanks for the comment

Sep 21, 2011 06:47 AM

Mike Frazier

Carousel Realty of Dyer County - Dyersburg, TN

Northwest Tennessee Realtor

That is the longest short sale closing I have heard of.

Sep 21, 2011 06:48 AM

Mike - and I prefer it to stay this way. I do not want to beat this record (lol)

Sep 21, 2011 08:15 AM

Than Maynard

Coldwell Banker Heart of Oklahoma - Purcell, OK

Broker - Licensed to List & Sell - 405-990-8862

I will have to forward this to a couple of my agents. Their short sale "only" took 120 days or so, but the seller had been trying to FSBO it for an additional 1.5 years. The third buyer to get it under contract final was able to close the deal.

Sep 21, 2011 09:16 AM

Jill Sackler

Charles Rutenberg Realty Inc. 516-575-7500 - Long Beach, NY

LI South Shore Real Estate - Broker Associate

That's just incredible. Congrats on getting the job done. You really have to persevere with short sales.

Sep 21, 2011 02:30 PM

Than - we do some short sale fairly quickly, but some take forever. And like you describe, very often it is not the first buyer, and quite often it is not even the second buyer.

In this case it was 6th buyer.

Sep 21, 2011 04:19 PM

Jill - I feel a void in my life. After having it on the agenda for so long, and now it is gone, I have a strange feeling that it became a part of our daily life to the point that we feel the void.

Crazy

Sep 21, 2011 04:21 PM

Terri, I Miss You, Too

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Jon Zolsky, Daytona Beach, FL

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