Making Some Cents from Nonsense while Offering Much Common Sense

By
Real Estate Agent with Florida Supreme Realty SL514814

I proactively avoided short sales after closing this one. There were three more in the queue which went smoothingly well in comparison. Yes, we all turn corners throughout our careers sometimes for the better and maybe for the worse. This experience was indubitably the former. Anyone wishing to hone their social skills, negotiating tactics or better their corporate understanding should become a REALTOR. The industry is rife with leaders and losers too. Each day you could be described as either depending on who and what you were communicating at the time. You've heard the saying "From Hero to Zero" I'm sure.

The following transaction had this communication from me as a final attempt to bring everyone aboard once again. This was more than two years in the making from listing to close. Ten corporate entities and more than twenty individuals were the "participants" here. I was the listing agent that never said never although my limitation had been met. The number of emails, texts, faxes and phone calls are not important, however, they exceeded 500 in my estimation. The property was a luxury sky home which had not yet been completed before the distress began to overwhelm the Sellers. Two mortgages, a Condominium Association, a Master Property Owner's Association and six Attorneys wanted their piece of the pie. Add to that a remarkly professional realty team representing the Buyers. Take note: Having one coordinator was a godsend.

The air got fairly thin above the 21st floor and nearly all involved suffered oxygen deprivation it seemed while beginning their non-negotiations. When your Title Clerk starts calling you an asshole you know you're putting them through the wringer. Yes, she was on my side of the transaction and I certainly did not wish to diminish any part of that relationship. I still had many millions of dollars to close through her. She wasn't the only one close to the edge and herein was my FINAL effort, a brusque email to all!

 

TO  ALL  PARTICIPANTS  INVOLVED  IN  THE  DISPOSITION  OF  THE  ABOVE  REFERENCED  PROPERTY:

 

 Due to the financial constraints of the Short Sale Approval provided by New York Community Bank on or about September 10th, 2012 we are unable to fulfill the desired requirements.  We are providing this HUD draft to show the amounts which could be obtained by agreeing to and approving each parties respective shortfall rather than proceeding to the foreclosure.  Be assured that no one entity shall receive an amount which was previously requested.  Everyone must agree to their equitable share shown here in order to close this property on the 19th.

 

 Furthermore, during the course of inspections, notably the Air Quality Inspection, it was found that mold does exist within the unit and we've attached the report of same for your perusal.  The details of it's remediation shall be borne by the Buyer upon closing.  We mention this because as the time moves on if this property is foreclosed the probability of it's in-habitability will hinder any possibility of procuring another sale.

 

 The natural expiration of the Short Sale Approval occurs on the 25th of October therefore time is of the essence.  All possible remedies have been exacerbated during the 2 years that this property has been marketed through Prudential Florida Realty.  There have been a total of 7 Purchase and Sale Contracts submitted during that time.  Two offers were denied due to the terms of the listing contract's minimum offer amounts.  Three Buyers walked away and bought elsewhere due to the lengthy approval process.  Two stayed in the game, one of them left unapproved, and this one, the final one

.

 Again we are on the threshold of closing this file once and for all.  Of course we honor whatever decision you make, we can only go back to the well so many times and I'm sure you are weary by now, I certainly am.  Please offer a resounding YES to bring this file to it's final culmination and know that the concerted effort by all participants is duly acknowledged.  

 

 

With Appreciation,

 

Kevin J. May
Prxxxxxxxxxx Flxxxxx Rexxxxy
621 5th Avenue South

 

There were four attachments to the above that spelled out the details and to my amazement they all were acknowledged and grudgingly agreed to. Everyone was a reluctant participant although they all personally thanked me when it was over, even my adversarial attorneys. The amounts received may not have covered all of our expenses but WE CLOSED nine days later. What are those lyrics?

 

 

You can't always get what you want but if you try sometime

YOU FIND YOU GET WHAT YOU NEED      

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Comments (10)

Anna Banana Kruchten CRS, CRB, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Kevin miracles do happen cause that's what it took to get this short sale closed. Holy smokes.  I did my last short sale about 5 years ago and said - I'm done with this craziness that went on and on and on and on and on.

Feb 05, 2019 03:19 PM
Kevin J. May

This was nearly my last short sale and the truth of the matter is I won't waste my time on them any more. I had a long relationship with Chase that brought me notoriety in the field although a management change on their end brought that to a screeching halt. C'est la vie, I've survived and he didn't. You just never know what you've got until it's gone. They learned! 

Feb 05, 2019 05:24 PM
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

I can't say I've had a short sale quite as difficult Kevin J. May but by my 3rd one I knew I had enough of that. Thanks for sharing.

Feb 06, 2019 08:05 AM
Kevin J. May

Eventually you can end up with a single point of contact with two or three lenders that "give" you their leads. On several I enjoyed a perk of 1% more in commission. I asked no questions about why!

Feb 06, 2019 09:09 AM
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Kevin- finally it took someone with a cooler head and who was willing to tell it like it is... no finger pointing, no accusations...just what needed to be done if that was what everyone wanted. Good job!

Feb 06, 2019 09:27 AM
Kevin J. May

After seeing so, so many Buyers lose the best deal of their lives it was a pleasure to move through the process positively. Notice I did not say easily Kathy!

Feb 06, 2019 10:42 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

I bet if you calculate what you made an hour on this it would be laughable  But Kevin sounds like you just had to finish what you started congrats

Feb 06, 2019 03:23 PM
Kevin J. May

I know my hourly figure Hannah and while this particular sale did not measure up dollar-wise. It had much hidden value elsewhere and then some.

Feb 06, 2019 06:24 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Kevin J. May - There was nothing short about short sales. At first, I dreaded it too but soon learned short sales were about the only ones selling back then. 

Yours was a great story and I hope we never have to go through another period in history like that again. But then again, those of us who did it and survived became stronger and wiser. You're a great guy and an excellent writer.

Feb 06, 2019 05:39 PM
Kevin J. May

You are too kind Patricia! No repeat performances please, I for one won't be duped again. Anyone mentioning "Too Big to Fail" shall eat those words.  

Feb 06, 2019 06:30 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Kevin, I have not seen a Short Sale in my market in over six or seven years ago... now with that said when we did... I only played in about a dozen or so... not by choice but because my clients want to.... With That Said I used to tell them "May I suggest buying a gun and shooting yourself in the head..." instead of writing an offer on a Short Sale... they always laughed... but I was right and your post confirms it again... BTW I was never called the name you were:))Endre p.s.: many other names though were in order...Endre

Feb 06, 2019 10:59 PM
Kevin J. May

"Played" is an apt term whem discussing short sales Endre. My investor clients loved them so I was relegated to their whims. I will not repeat that revealing scenario again. The name calling was in gest but  just barely!

Feb 07, 2019 12:49 AM
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Kevin J. May great song tie-in to your story.  Short Sales, may they never reign again as they surely try one's soul .  Thank you for sharing your story!

Feb 07, 2019 12:40 PM
Kevin J. May

Somewhat of a fake out if you followed my train of thought.

Feb 07, 2019 02:52 PM
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Congrats for being the one to pull it all together when it was about to fall apart.

Feb 09, 2019 04:44 PM
Kevin J. May

This business does not have to be difficult Georgie. It is others who unwittingly have made it so!

Feb 09, 2019 06:40 PM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Never in my wildest dreams did i think i wuld be listing  short sales once again, but here i am as well. I hear you on the stress of so many wanting so much. That is so much more than is available. I have a situation now, estate sale, short sale, the VA and a bank that uses an Indian call center. We are on a year and closing in 19 days is 50/50 with them now asking all paperwork be signed by a pen, not e signature.  

Feb 09, 2019 05:23 PM
Kevin J. May

Disregard the the audio portion THIS LINK represents everything about how I regard short sales Scott. Good Luck! Keep dodging those arrows.

Feb 09, 2019 06:56 PM
Debra Leisek
Bay Realty,Inc Homer Alaska - Homer, AK

They say Patience is a virtue..... You win the grand prize for patience and a get it done attitude!!  

 

Feb 10, 2019 11:33 PM
Kevin J. May

Patience I have Debra although there are limitations. I had had enough of this particular one and offered my final straw.

Feb 11, 2019 09:44 AM