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The Long Tale of a Short Sale

By
Real Estate Broker/Owner with Dawn Brenengen - Trailwood Realty 202789

I posted earlier this year about a short sale listing I was selling in Caraleigh Mills earlier this year.  If any of you have ever bought a home that was being short sold, then you know it can be a grueling process.  Fortunately for me, the buyers of this condo were patient, and they had a good agent, Peter Rumsey, to help them understand the process.

1535 Caraleigh MillsI listed the home on May 27th.  I received my first offer from this couple on June 21st.  There were two banks involved with approving the sale, Wells Fargo held the first mortgage, and Suntrust held the second.  We waited patiently as the banks mulled it over, ordered Broker Price Opinions and made up their minds.  In the meantime, I had two more offers come in and two more buyers who wanted to write offers but couldn’t find a bank willing to lend to buy a unit in Caraleigh Mills.  The condo project was 52% rented, and most banks don’t like to see more than 50%.

The first offer was countered by the bank at 210k (original list price was 220k).  The buyer accepted that counter offer.  Finally!  On November 10th, I was able to change the status to “pending” in the MLS.  That’s right, we waited a full 4.5 months to get an offer turned into a contract.

The next month was spent running around trying to meet the demands of the bank to get little pieces of paper signed, re-appraisals done, affidavits signed, HUDs to match, etc.  It was a mad dash to closing.  It finally happened on December 15th, and the buyers got a new, awesome condo for Christmas.

A little patience can go a loooong way, and everyone involved did a great job of keeping their heads cool and doing their part to make the sale happen.  If I weren’t pregnant I would have downed a few bottles of wine along the way. ☺ 

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Dawn Brenengen

Broker/Owner of Trailwood Realty, LLC

Buy. Sell. Invest.

 

Bill Reddington
Re/max By The Sea - Destin, FL
Destin Florida Real Estate

Six months to close a deal. Be Happy I guess, it closed. Just listed and closed a home in 45 days. Thats where Real Estate used to be. Maybe again Someday.

Feb 09, 2012 05:45 AM
Erv Fleishman
Realty Associates - Boca Raton, FL
Luxury Prop Specialist Realty Associates

Or, if you had not downed the two bottles, maybe you would not be pregnant. Hey, the baby is going to take nine months. Enjoy. It will be the best addition you can add to a home.

Feb 09, 2012 05:52 AM
Jo Olson
HOMEFRONT Realty - Kettle Falls, WA
Retired - HOMEFRONT Realty @ LAKE Roosevelt

I had one like that - but I was the buyer's agent - took us almost 10 months.  My buyers hung in there and wow did they get a deal!

Feb 09, 2012 05:52 AM
Dawn Brenengen
Dawn Brenengen - Trailwood Realty - Raleigh, NC
Sales and Management

I'm working on a second post describing an actual short, short sale......  best experience I've had so far!

Feb 09, 2012 06:10 AM
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

It really helps when all parties...buyers, sellers and agents know the process and know that delays are the norm. Great work on getting this one sold and hanging in there.

Jan 22, 2013 11:59 PM