How my buyer saved $7,500 on her short-sale with one phone call

By
Real Estate Agent with Coldwell Banker Evergreen Olympic Realty, Olympia WA

With just one phone call, my buyer saved about $7,500.  And it was a very simple phone call to make.

 

The Background

We have been working on this short-sale for 10 months now.  The sellers have a law firm who is negotiating with the bank, (but as I've learned, just because a short-sale negotiator is involved doesn't mean this will be a smooth process).

short sale negotiationsWe are about 3 weeks away from finally closing when we were hit with the news that the seller's lender will not cover the delinquent homeowner association dues that add up to about $7,500.

The buyer was told that they could raise the purchase price to cover this delinquency.  But that didn't sit well with the buyer.  Obviously it's frustrating for a buyer to have to pay this.

The negotiator said they will try to negotiate with the bank.  We weren't too optimistic about this approach.

 

The Fix

After discussing the options left for my buyer, my buyer thought it wouldn't hurt to talk with the president of the homeowner association herself (thinking the negotiator had already done this).  In about two minutes, she had the president agree to waive the outstanding owed dues.

She passed this to the negotiator and now we are just waiting for the finalized paperwork.

The president said he was never contacted.  He should have been considering the HOA is a lien holder that the law firm should have been negotiating with as well.  So just because you have a law firm who is negotiating the short-sale, buyers still need to be very proactive.  

 

Lessons Learned

  • This is my first and my last short-sale.
  • Just because you have a law firm negotiating doesn't mean it will be a perfect process.
  • Most short-sale sellers are not engaged, but at least make sure your buyer is engaged in the process.
  • Sometimes the easiest solution is overlooked.

 

Posted by

 

Francine Viola, Realtor
In Tune with your Real Estate Needs

 

Serving Buyers and Sellers in Olympia, Tumwater, Lacey and Thurston County, WA

Coldwell Banker Evergreen Olympic Realty, Inc.  |  Olympia, WA

 

Cell:      (360) 359-0689

Email:  Francine.Viola@cbolympia.com

Web:     www.FrancineViola.com

 

       

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Best Practices
Location:
Washington Thurston County Olympia
Tags:
short sales

Spam prevention
Show All Comments
Rainmaker
2,029,679
Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

I can't believe that no one contacted the HMO....Congrats on taking that extra step.

Feb 12, 2016 02:33 AM #1
Rainmaker
551,799
Francine Viola
Coldwell Banker Evergreen Olympic Realty, Olympia WA - Olympia, WA
REALTOR®, In Tune with your Real Estate Needs

Hi Ron - I know - isn't that a HUGE oversight?!  Sigh!  I can't wait for short sales to be a thing of the past.

Feb 13, 2016 03:52 AM #2
Rainmaker
2,326,156
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Well done, based on the efforts for the client, they should be sending you lots of referrals.

Feb 13, 2016 06:08 AM #3
Rainmaker
99,688
David Artigliere
Reading, Pottstown, Norristown, Philadelphia - Collegeville, PA
ARTI Home Inspections, ASHI Certified Home Inspect

Francine,  I really enjoyed this post.  My wife did a few short sales and decided they were not for her either!  haha.  Interesting that the buyer stepped in to do what seemed like the obvious when none of the other players thought to negotiate.  Good for them!

Feb 15, 2016 10:16 AM #4
Rainmaker
551,799
Francine Viola
Coldwell Banker Evergreen Olympic Realty, Olympia WA - Olympia, WA
REALTOR®, In Tune with your Real Estate Needs

Hi David - my buyer is certainly very tenacious!

Feb 16, 2016 09:26 AM #5
Rainmaker
4,313,541
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Francine, great job to your buyer for saving $7,500!   Short sales are a pain, and hope you don't have to go through this again. 

Feb 16, 2016 10:27 PM #6
Rainmaker
551,799
Francine Viola
Coldwell Banker Evergreen Olympic Realty, Olympia WA - Olympia, WA
REALTOR®, In Tune with your Real Estate Needs

Hi Joan - thankfully this one is coming to a successful end!

Feb 17, 2016 10:59 AM #7
Rainmaker
5,764,797
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This ia a good story to share because many others will face the same issue.

Feb 26, 2016 10:10 PM #8
Rainmaker
551,799
Francine Viola
Coldwell Banker Evergreen Olympic Realty, Olympia WA - Olympia, WA
REALTOR®, In Tune with your Real Estate Needs

Hi Roy - it's always an education especially with short sales.

Mar 01, 2016 12:34 AM #9
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
551,799

Francine Viola

REALTOR®, In Tune with your Real Estate Needs
Let me help you find the perfect home in Olympia WA!
*
*
*
*
Spam prevention