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.
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