Short Sales are Labors of Love....

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker
https://activerain.com/droplet/5hdN

What seems like  a time that was long ago and far away ....we were neck deep in short sales...at one  point 36 at one time...all with minimally twoupside down house..and divorce related. Soooo...you had two lenders, two lawyers and two Sellers...and there was literally "no love" to feel anywhere. We closed all of them...and looking back on that time, we wonder how our marriage survived it...in addition to the other members of the transactions  !  We had done our homework and gone to school in three states and came home and worked with lawyers here to put our own "methodology" on the process which resulted faxin hundreds of successful closings.  Days became nights and fax machine went into overtime as banks demanded that the hundreds of pages of files be sent in this manner. We had a  designated line and as fast a machine as technology had at the time. Paper files were inches thick full of tax returns, pay stubs and documentation. 

     The reason for a short sale was not always  divorce....one recently widowed homeowner came to us with young daughters and a house she could no longer afford because her husband had committed suicide ...a post war tragedy...leaving her with young daughters and no way to pay the mortgage. The family had a dog that was a mixed breed and in my memory...the size of a small horse..he was HUGE.  The daughters loved him....and he loved them back..often big dogbeing their comforting "pillow" during this tumultous time in their young lives while they watched TV or Mom read them a story.  He was as friendly as he was big...long haired and  massive.

   Mom came to the reality at the suggestion of a lawyer family friend, that a short sale was the best thing she could for her family to begin their road to "start over" in more ways  than any young family should have to do in a lifetime. For  families in this difficult situation, we tried hard to find rental property in the same school district as close to their friends as we could find an affordable property.   Mom was a realist..."You know Sally,  no landlord will rent to us with a dog this size. I just can't take him away from them after all they have been through." I knew she was right. In Wisconsin, there are very, very  few single family homes for rent...even fewer then...and this was not an apartment size dog.

     Mom had access to a special fund as the result of her husband's death and could use it as a down payment on a house.  The house sold very short sale approvedquickly and we were able to get short sale approval in record time with very minimal mortgage payments missed.  The down payment was not the issue...a short sale is a short sale and no lender would lift the years of waiting to buy another home requirement...regardless of the situation.

   Her calls to us were daily ...there HAD to be a way she kept repeating...and we wanted that to be true for her and her daughters..but but but...we don't make the rules.  I formulated a list of every lender in the  8 county area and spent some part of every day talking with the heads of mortgage lending departments...pleading the case of this now single parent family.  Lots of sympathy...but the answer was always the same..."We'd love to help you...But..."  Mom was convinced we had some kind of magic...we were not so sure.

  Pre approval   One day....as "impossible" situations often do....we were able to "turn the corner" with the head of mortgage lending at a local credit union. Not bound by the same regulations...and this woman with a heart...could see that a smaller home would be affordable on Mom's income and the ding to her credit was understandable....and we got a pre approval letter.  The phone call to Mom was tearful on both ends...and the hunt began to stay in the school district and find the perfect house. Magically....just as the pre approval had happened...we found one with a Huge backyard that the kids and daughter rapidly fell in love with and were able to call their own.

    This past fall  we attended a wedding...Mom found another "happily ever after" and a new blended family. married couple

     Short sales are a labor of love...and not the niche for every agent...it is times like this one, we were happy to be able to call it ours.

     If you or anyone you know, for reasons of hardship is unable to pay their mortgage...or who is looking for agents who have a practice built on education and fostered with compassion, call the Hansons, we are most honored to be of service for all things real estate in southeastern Wisconsin.

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Re-Blogged 1 time:

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  1. Peter Mohylsky, SoWal Expert 02/08/2019 02:45 AM
Topic:
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Short Sales Pre Foreclosures Bankruptcy and More!
Diary of a Realtor
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Rainmaker
2,714,355
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Sally.

What a great heart warming story, Carol Williams, here you go, these don't come up often.

Feb 08, 2019 03:24 AM #5
Rainmaker
1,334,657
Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

What a wonderful story. That seller/buyer was lucky to have you in her corner.

Feb 08, 2019 04:06 AM #6
Rainmaker
2,816,301
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Good morning, Sally and David. I have all the short sale certifications.... what I learned by getting them is that this is not my niche! No patience for it. I have done the occasional short sale as a "favor" to a referred client. But beyond that I refer out the business.

Feb 08, 2019 04:09 AM #7
Rainmaker
1,810,922
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

It seems to me that some of these deals can take months, and then the inspection can sometimes be so upsetting that the buyers decide to move on.

And after all that wait.

Feb 08, 2019 04:44 AM #8
Rainmaker
3,028,374
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Sally. Short sales are definitely a niche that few have mastered. Those that have are the experts to turn to! Enjoy your day!

Feb 08, 2019 04:47 AM #9
Rainmaker
4,703,126
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Good morning, Sally K. & David L. Hanson (sally) ....nice story and that's a "happily ever after" ending... not an easy find but you did it...

Feb 08, 2019 04:53 AM #10
Rainmaker
3,048,714
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Sally, You and David are the perfect Realtors to handle these type of situations, and it was nice to read there was another "happily ever after"!

Feb 08, 2019 05:01 AM #11
Rainmaker
3,125,731
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Good morning,  Sally and David -many lessons in this post. The back stories, the hours, the knowledge, the massive paperwork plus the emotional upheaval.  It's good to see a "happily ever after" chapter in this tale. 

Feb 08, 2019 05:01 AM #12
Rainmaker
1,208,848
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Hi Sally,
Great, great story.  Your niche is certainly chosen on compassion, not the easy path.  Kudos to you and David!

Feb 08, 2019 05:48 AM #13
Rainmaker
4,752,769
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

What a wonderful story and such a great job in helping this woman.  

Feb 08, 2019 05:49 AM #14
Rainmaker
5,074,035
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks for sharing your experience. Obviously, short sale buyers and sellers benefited from your expertise.

Feb 08, 2019 06:14 AM #15
Rainmaker
1,467,599
Amanda S. Davidson
Amanda Davidson Real Estate Group - Alexandria, VA
Alexandria Virginia Homes For Sale

Sally and David, this put tears in my eyes. You never gave up, and that's one of many reasons you're the best. The lender with a heart, so many kind souls working to turn this situation into a happily ever after. 

Feb 08, 2019 06:23 AM #16
Rainmaker
1,458,614
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Good morning Sally K. & David L. Hanson, short sale transactions are not for everyone. They take patience and discipline, follow-up. I've done many of them, some just broke my heart. Thank you for sharing this beautiful story.

Feb 08, 2019 08:11 AM #17
Ambassador
3,666,962
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David I just closed on a Short Sale loan for one of my Borrowers.  It took 109 days from the time the file was turned in to the closing, and during more than 80 of those days there was silence from the Sellers Bank.    Short Sales are frustrating and challenging for everyone involved.

Feb 08, 2019 03:42 PM #18
Rainmaker
3,053,571
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

I sure won't tell you that all our short sales closed in a minute....but knowing who to talk to and when and how to escalate a file is HUGE...sounds like the listing agent may not have been on top of things George Souto 

Feb 08, 2019 04:00 PM #19
Rainmaker
2,687,569
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Hello Sally K. & David L. Hanson short sales are a labor of love and I was so happy to read the new happily ever after on this one!

Feb 10, 2019 10:59 AM #20
Rainmaker
1,053,149
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

HI Sally K. & David L. Hanson - This young mother was fortunatel to find you to help them. You overturned every rock to make their lives easier. 

Feb 16, 2019 06:57 AM #21
Ambassador
3,834,602
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

What a wonderful story Sally K. & David L. Hanson ! This is what makes the two of you so special!

Jeff

Feb 16, 2019 07:59 PM #22
Rainmaker
2,157,076
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Short sales restored my faith in humanity which, after working in real estate for as long as I, can become rather fragile; and it taught me patience, how to deal with extremely stupid people working in positions they have no business being in.

Loved this story, Sally!

Feb 16, 2019 07:59 PM #23
Rainmaker
3,053,571
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

We are likely to start this scenario all over again within the week...a different sad sroty and our fingers crossed for a happily ever after.

Feb 16, 2019 08:32 PM #24
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
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