~When Patient Clients Win The Short Sale Race~

By
Real Estate Agent with Ferrari-Lund Real Estate 61129

I have been so lucky  to have a patient buyer. She and I put together a deal in June. We made an offer on a short sale property here in Nevada  and we  finally have a close of escrow date scheduled for December. Yippee!

After I told my client this good news and told her it was time to lock in on an interest rate and get the loan process under way,  she told me  she felt like she just won a race!

All of the waiting, the negotiating,  the paper work and  phone calls that are involved in getting   third party approvals are exhausting and can feel like you are,  in fact, racing.

I actually hadn't thought of the process as a race, but now, as I reflect back, it truly is a race. It is a race against time. Will I get this deal closed in enough time that my client will still be qualified when the time comes to actually get the loan?

Will I get this deal closed before interest rates go up and my client won't qualify any longer?

Will the property still appraise for the offered price by the time the home goes into escrow?

Will my client walk away from this deal if it takes to long to get approval?

Those a just a few questions that run through the mind of the real estate agent as we wait, and wait for third party approvals on short sales, foreclosures and bank owned properties.

Luckily, my client won this race and so did I. All the patience and hard work paid off.  And because my client stuck it out, she was able lock in at a lower interest rate yesterday than she would have been able to several months back when we first made the offer on this home!

Lower interest rates.... a little something to be thankful for during these hard economic times!

Authored by Terrie Leighton. November 2008. Terrie is a real estate agent with Ferrari-Lund Real Estate. All the information in this post is believed to be accurate, but is not guaranteed.

 

 

Posted by

Your Home. My Priority. Since 2003

Certified Distressed Property Expert (CDPE)
Certified Default Resolution Specialist (CDRS)
Short Sales & Foreclosure Resource ~ Certified (SFR)
NAR's Green Designation ~ Certified Green
Certifed Negotiation Expert (CNE)
Property Manager

Ferrari-Lund Real Estate

 Cell ~ 775.846.5424

Email ~ Terrie@terrieleighton.com

 

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  1. Eugene Demchenko 11/28/2008 10:22 AM
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Robert Vegas Bob Swetz
Realty ONE Group - Las Vegas, NV
Las Vegas Henderson Homes for Sale

Terrie - I always like hearing success stories through The Rain. Thanks and have a great day!

Nov 26, 2008 09:41 AM #1
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Michael A. Caruso
Surterre Properties - Laguna Niguel, CA

Those are nice victories with all the time that one puts in...

Nov 26, 2008 09:45 AM #2
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Terrie Leighton
Ferrari-Lund Real Estate - Reno, NV
Reno Real Estate Agent ~ Selling Homes in Reno

Robert ~ Thank you! I love the success stories as well!

Michael ~  Thanks to you as well and victories are always nice, especially when they are a long time in the making.

 

Nov 26, 2008 09:57 AM #3
Rainmaker
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Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes
I have a client i the middle of one that's been going on for 5 months! The client is just waiting to see what happens. Of course we are looking for a win! Hmmmmmmm Hampton NH Real Estate
Nov 26, 2008 11:01 AM #4
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

YEA TERRIE!  Congrats, this is always HUGE!

Nov 26, 2008 12:07 PM #5
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Daniel J. Brudnok, REALTOR
Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA
SRES, e-PRO,ABR,GREEN,CSP

Terrie,

Great to hear, the reward can be there when we have the mind set to wait it out.

Nov 28, 2008 01:30 AM #6
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Terrie Leighton
Ferrari-Lund Real Estate - Reno, NV
Reno Real Estate Agent ~ Selling Homes in Reno

Patricia - I hope you and your client find a win as well...five months is starting to sound like a normal close right now...crazy times for sure. Have a great weekend.

Thanks Renee!!

Dan - The waiting is the hard part but worth it in the end.

Nov 28, 2008 04:41 AM #7
Rainmaker
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Tami Vroma
West Michigan Real Estate Specialist-Five Star Real Estate - Grand Haven, MI
Realtor, Grand Rapids MI Real Estate

Terrie - Say a prayer for me because I have one that I have had an offer on since July.  Chase Bank - I'm sorry but they truly need to get it together!  My notes are hilarious and you are right about the time involved--serious time and patience!

Nov 28, 2008 08:18 AM #8
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Tina Farinas
Fusion Real Estate Network, Inc. - Roseville, CA
REALTOR, ABR, GRI, SFR, CHS, e-PRO

Congratulations on your victory!  I wish all buyers have that patience.

Nov 28, 2008 10:19 AM #9
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Terrie Leighton
Ferrari-Lund Real Estate - Reno, NV
Reno Real Estate Agent ~ Selling Homes in Reno

Tami ~ I feel for you! Hang in there, eventually things happen. This process is ridiculous and hilarious at the same time! Most of time the banks make little or no sense at all....they want this or that, you give it to them, then they want you to re-send what they already have. Crazy.

Nov 28, 2008 10:25 AM #10
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Terrie Leighton
Ferrari-Lund Real Estate - Reno, NV
Reno Real Estate Agent ~ Selling Homes in Reno

Tina ~ If only all of our clients were as patient, I agree! We seem to learn from them all so I guess that is good! Thanks for your comments.

Nov 28, 2008 10:27 AM #11
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