Short Sales are Labors of Love....

Reblogger Peter Mohylsky, SoWal Expert
Real Estate Broker/Owner with Gulf Place @ 30A

Certainly a labor of love here and well worth reading

Original content by Sally K. & David L. Hanson 57026-90 Broker

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 "srart 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 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...andwe 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.

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


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Rainmaker
3,055,833
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Thank you for the reblog Peter Mohylsky, Luxury Focused  it is one of our very favorite stories.

Feb 08, 2019 02:46 AM #1
Rainer
478,425
Sham Reddy
H E R Realty, Dayton, OH - Dayton, OH
CRS

It takes a certain mindset to deal with short sales and not all real estate agents are equipped with that mindset or tools to handle the long process of short sales

Feb 08, 2019 03:39 AM #2
Rainmaker
3,031,145
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Peter. Short sales are a niche best left to those who concentrate on it. Enjoy your day!

Feb 08, 2019 04:42 AM #3
Rainmaker
714,446
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtors, Philly Main Line

Great story to share, loved it and so glad it worked out. But having handled a few short sales not something I would have enjoyed doing en masse.

Feb 08, 2019 06:55 AM #4
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Rainmaker
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Peter Mohylsky, SoWal Expert

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