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Dear Mr. Seller, I Regret to Inform you that the Short Sale was Accepted

By
Real Estate Agent with Mapleridge Realty, CT 203-206-0754 REB.0759001

Dear Mr. Seller, I Regret to Inform you that the Short Sale was Accepted

We who do short sales fully understand the degree of frustration associated with trying to get a bank’s response to an offer on a short sale. The endless phone calls, resending documents, the disconnects, no response, all so aggravating.

This morning I made a call to a bank still hoping to get a short sale offer accepted, or at least some conversation. The paperwork had been in 3 weeks, but still no call from the negotiator. The appraisal had been done; my contract was greater than the bank’s value; it was a cash offer with all necessary documentation.

Finally I got through today and the bank has accepted the offer.  Now to make the phone calls. I naturally assumed that the first call should go to the seller who has been living the frustration and uncertainty for almost 3 years now, even though the house has only been on the market about 90 days.

 

Hi Mr. Seller, good news, I just got off the phone with your bank and they have accepted the contract, we can proceed with the transaction and get you out of your hole.

Dead silence on the other side, then a sigh and a tone in the voice that was anything but happy. Don’t you want the sale to go through so you can get on with your life? I suppose so, but it’s just another step in the process was the response.

I have heard so many things when I have made this call before, to any client waiting for a positive response to a deal, but to hear disappointment especially with a bank transaction just floored me.

Don’t they realize that they can get on with their lives. There will be a scar, but nowhere near the pain of being evicted and facing the judgment of foreclosure. I have always heard elation, tears of happiness, but a pregnant pause and disappointment was new.

I look forward to my next short dale acceptance, and maybe again I will hear the happiness and feel the sensed of accomplishment that comes with successfully completing a short dale and helping people to feel the relief of no longer facing the unknown.

Dear Mr. Seller, I Regret to Inform you that the Short Sale was Accepted

 

Posted by

 

Edward (Ed) Silva
Broker Associate

Serving Central Connecticut Sellers and Buyers

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Comments (18)

Terry McCarley
Coastal Real Estate - Cape Coral FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, FL

I can relate as I have had similar experiences.  Usually my sellers are very relieved but once in awhile the reality of having to pack up and move overwhelms them and their response throws me a curve.  Hopefully the reality of the short sale being accepted will register with your seller as a very positive thing.

Dec 29, 2011 05:15 AM
Al & Peggy Cunningham, Brokers
RE/MAX West Realty Inc., Brokerage - Brampton, ON
Our Family Wants To Help Your Family!

It must be a very tough time for a homeowner realizing their dream is over. We are sure once they are 'out from under' they will be happy that the deal went through! Must have been a hard call Ed.

Dec 29, 2011 05:21 AM
Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

I learned a long time ago that when dealing with sellers in distress, to never know what to expect.

 

Dec 29, 2011 08:11 AM
Christine Smith
Buyers Brokers Only LLC - www.BuyersBrokersOnly.com - Canton, MA
Exclusive Buyer Agent & Attorney, Canton, MA

Ed....congrats on getting that approval.  Sounds like the Seller is still dealing with the stress of whatever put them in that situation.  When it is all over with, they will probably be relieved to have the burden lifted.

Dec 29, 2011 08:59 AM
Carol-Ann Palmieri
RE/MAX Executive Realty, Al and Cal Realty Group - Franklin, MA
"Cal" the Real Estate Gal

Hi Ed.  Good job getting that short sale through.   Once it sinks in, they will appreciate all that you have done to get this to happen for them and they can begin to move on with their lives.  

Dec 29, 2011 09:54 AM
Barbara Altieri
Better Homes and Gardens RE Shore and Country Properties - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

Ed -- I am sure that was so disappointing to you expecting quite the opposite. I think it's just that the reality of the situation abruptly set in. Even though the seller knew this was going to happen, just hearing those words made the situation real.  They have to leave their home now if everything goes well to closing, which I hope it does.  Once the seller gets over the 'shock', he will truly appreciate that he will be out of bad situation all due to your help.  Todd made an excellent point.

Dec 29, 2011 10:20 AM
Nick T Pappas
Assoc. Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, Broker/Providence Property Mgmnt, LLC Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Ed, I understand the sellers comment of "it's just another step in the process".  They are now going to be out of a place that was their home.  I've also heard that response with quit another meaning behind it..."now we have to start paying rent".  I'm sure most sellers are happy to get on with their lives, but for some it means monthly rent that they may not be able to afford or living somewhere that is a step or two down from their current home.  Worth a suggest.

Dec 29, 2011 11:32 AM
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Ah, reality actually sets in.  Now, finding a new place to live, moving, etc, etc, etc.  As you said, it will be a good time to move on, but the reality is bitter sweet.  WTG on getting it done - short sales are SO frustrating and time consuming.  

Dec 29, 2011 11:40 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Terry, this client has been after me ever since the contract went to the bank waiting for something, so that response surprised me.

Al & Peg, I was really happy to make that call, so much so that when I got that response I actually asked the seller if they wanted to see the house go.

Todd, I agree, but it was still not what I expected from this client

Christine, thanks, but this seller got into thus situation over a five year period and has been stressed by the calls for the mortgage payment.

Carol Ann, this was a bolt from above especially for the source of funds.

Barbara, we work to get the properties sold, and to have a cooperative bank. I waited 3 weeks to get the reply and felt great when I heard those words that this is acceptable, so the response form the seller surprised me.

Nick, usually it's a matter of not being able to get a rental because of the credit report, but this seller has already got a back-up plan that will not hurt them that badly. Thanks

Dec 29, 2011 11:50 AM
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

Ed, I have a short sale with a divorced couple.  I get an offer that one seller agrees, but the other doesn't.  They've made no payments in over a year.  The stubborn seller is trying to get a loan so they can remain in the home........like anyone is going to give them a loan, after all the late payments. 

Hope you have a better response from your next short sale.

Dec 29, 2011 12:25 PM
Gloria Todor
Premier Property Sales & Rentals - Springfield, PA
& Doug Durren (484) 431-3686 in SE PA

Hi Ed, It is such an emotional process for the Sellers.  Interesting to hear your situation.  Silence is not the usual response.   We are still waiting for a lender to respond to one of our offer since September.....Glad to hear you did not have to wait so long.

Maybe your client does not want to relocate during the holiday season.  

All the best to you and your client, may the rest of this situation go smoothly.

Gloria

Happy New Year!

Dec 29, 2011 01:44 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Ed I understand you being surprised, but even though it is better than being evicted, they are still losing their home and walking away with nothing.  That is an experience that can have a sobering effect when the reality sinks in.

Dec 29, 2011 03:24 PM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Kay, that short sale you describe is tough especially when one is trying to foolishly keep the house. Happy New Year.

Doug & Gloria, waiting 3 months for a response means that lender just doesn't care to respond. With this particular client silence was not the reaction I was expecting.

George, with this client, they had everything already packed up when I got the listing, and I had to ask them to unpack and stage the house so it would show better. They also have their next location in sight, so the silence was a surprise.

Dec 30, 2011 12:42 AM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Ed, my sellers have always been ecstatic & i've never had the other reaction but I'm sure some day it will come...I'm getting nowhere with the banks this past 2 weeks ...it is so frustrating but expected...glad your seller can move on...Happy New Year!

Dec 30, 2011 01:10 AM
Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
Luxury service in Central Maryland

Ed, maybe I am jaded, but I am finding more and more sellers don't want to actually sell their home because they are living for FREE. Some for multiple years. I seriously don't believe that they all want to hear that they are moving on. An approval means they now need to start paying for somewhere to live.

Dec 30, 2011 02:50 PM
Kenneth Cole
Weichert Realtors Appleseed Group, 2043 Richmond Ave. S.I.N.Y. 10314. office phone 718-698-9797, Appleseedhomes.com... - Staten Island, NY
NYS Licensed Real Estate Salesperson

Hello Ed;  Too bad success can be depressing at times.  That's a different twist.

Dec 30, 2011 10:53 PM
Gail Robinson
William Raveis Real Estate - Southport, CT
CRS, GRI, e-PRO Fairfield County, CT

Ed - Your client sounds depressed or overwhelmed.  Sounds like you did a great job with the short sale and they'll appreciate it later.

Dec 31, 2011 01:26 AM
Anonymous
Peter Michelbach

Hello Ed, ~~ you did the right thing - that counts! We all are facing tough times - yet as you said it's time to move on, a time to respectfully let the past behind and to look passionately forward, towards new challenges, and hopes...

I wish you a contented New Year, and a fond farewell to the old; let 2012 be filled with Light, abundance, joy and treasured moments. Peter ~ 'down under' 

 

Dec 31, 2011 09:20 PM
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