You Said it was a "SHORT SALE!" - Not!

By
Real Estate Broker/Owner with Heart Realty Group, Inc.. IL-471.002355

Murphy's Law is alive and well especially when you end up doing a short sale with a family member.  Twas the summer of 2008 and my sister's oldest daughter and her fiance were ready to start looking for a home.  Being that I am their Aunt they had no other choice but to come to me or be written out of my sister's will.  Well, as most Realtors know the hardest client is a FAMILY MEMBER!!!

As long time Fox Valley residents all we had to do was narrow down the choices to what town to start our search.  Aurora was out because they had been renting in one of the smaller towns around the 2nd largest city in the state.....Yes, Aurora is the 2nd largest city in IL....not the favored sister town which everyone knows that starts with a N...... and is always in Money....but its tougher, worldly sister...Aurora.  Hey, I grew up in this town, went to school, got married, divorced...got married....divorced and went into real estate in this town..so I have a soft spot for it.  But I digress.

Narrowed down to a smaller town....Yorkville....Plano....Montgomery....Oswego...I guess I showed quite a few homes to my niece all summer long but nothing was hitting the emotional buttons.  Late fall andI was getting a bit worn around the edges and my niece was starting to think that all the builders did their shopping in the same big builder's warehouse because the homes were looking the same.

Then the magic moment arrived and we found IT....she knew the moment she walked into it and I knew my job was almost over.  She was "In LOVE"!  The perfect townhome....OK she wanted single family but after looking at some in her price range she was a bit underwhelmed.   Barely 3 years old, sleek, with a great floor plan, 3 bedrooms, 2.5 baths, 2 car garage, a large kitchen and best of all a large loft perfect for a 2nd floor family room.  Now, the hard part or the good part depending on how you view it started.

The home was a short sale! Agh!   I was excited....I saw opportunity...great price and possible loss of income.  My niece was in love and all she had to do was show it to her fiance since he was the one buying it after all.  So we thew some other homes in for a weekend showing....all the almost right ones and kept our fingers crossed.    After spending about 2.5 hrs seeing homes in the greater Auroraland area.....we saved the "perfect" home for last.   We held our breath as we told him it was a pre-foreclosure.  All he saw was that it was 5 minutes from work, had a 2 car garage and then when he walked upstairs and I heard him talking about putting his 50" plasma TV on the wall....I knew we had him!  He felled fast and furious.

Now my job really started!  Contract signed, price set.....about 30K less than asking and the wait started.

I won't bore you with the long details but let me make this SHORT....contract signed 10/10/08.....offer verbally accepted late November, closing set for early December, cancelled due to formal acceptance, rescheduled for last Friday in December, cancelled due to HOA lien, rescheduled, cancelled due to loan hiccup (another story...don't get me started), rescheduled 1 more time and finally closed January 9, 2009.  Closing at 9:00 a.m. disbursement .......4:55 p.m. Enough said! 

We had more drama during this time than a segment of Oprah, Jerry Springer and Ellen put together.  But as they say....all is fair in love and war....and as my niece's fiance.exclaimed..Who came up with the name "Short Sale????...because there is nothing short about it!"

They are thrilled that they waited because the home is well worth it.  They have equity built in and would not have been able to afford buying in this neighborhood when the home was built.  They are in the same school district...minutes from his job..minutes to expressway and Shopping..10 minutes from my sister and 10 minutes from ....their favorite Aunt the short - "Short Sale" Realtor(r),.

 

 Mine at Last!

 

   

Posted by

Evelyn Santiago

Managing Broker/Owner - 630-251-0059

Heart Realty Group, Inc.

We are Passionate About Real Estate!

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Rainmaker
643,757
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

I have ALWAYS said they should be called a long sale not a short sale.  There is nothing short about the process!!

Feb 06, 2009 01:38 PM #1
Rainer
62,295
Alix Pinzon
Open Mortgage, LLC NMLS # 2975 - Downey, CA
(562)743-6086

I've never tried to sell a short sale, but I've heard enough stories to be scared of them.  I don't show them, and it would have to be a last resort to even consider it.

Feb 06, 2009 01:49 PM #2
Rainer
64,239
Ella Glover
Lubbock Homes - Lubbock, TX

I have walked in your shoes.  And it is a tight fit, with long stride.  Congradulations, you have found the Rain and learned to dance in it!

Feb 06, 2009 02:03 PM #3
Rainmaker
692,605
Kathy Toth
Ann Arbor Market Center Keller Williams - Ann Arbor, MI
Ann Arbor Real Estate Experts - Kathy Toth Team

The entire term "short sale" is yet another misnomer phrase that the government has coined to make people think something that is entirely untrue.  But congratulations for sticking it out and making it work for your niece!

Kathy

Feb 06, 2009 02:03 PM #4
Rainer
28,552
Gina Zimmerman
North Eastern Group Realty - Fort Wayne, IN
Fort Wayne Real Estate

Short on mortgage money but very definitely long on time.  Thrilled that the ending was fairy tale -- and this will be a great story for years to come. 

Feb 06, 2009 02:27 PM #5
Rainmaker
103,599
Julie Ferenzi
john greene Realtor - Plainfield, IL
Julie Ferenzi

Hi Evelyn, I'm a Realtor in Plainfield!  Nice to meet you.  I actually list pre-foreclosure short sales, but I hire a short sale negotiator to handle the short sale.  Short sales are a headache, but in this market, especially in Plainfield... there really isn't many other choices!

Good luck! Maybe we'll run into each other one of these days!

Feb 06, 2009 02:58 PM #6
Rainmaker
324,887
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

Hey Julie!

Thanks for commenting on my blog.  We are practically neighbors since I live in Oswego.   I did try handing off a short sale to a attorney that specialized in shorts sales but id did not work for me.  The best person to protect your commission on a short sale is you!  When push comes to shove other negotiatiors will allow your commission to be cut and they will save thier own fees.

 

Maybe I am a control freak but after doing a few of these I am tired of the banks cutting our fees.  We need to remind them if we did not bring the buyer's or convince the homeowners to do a "short sale" they would be stuck with more inventory in REO properties.  Let's stand up for ourselves and stop the banks from cutting our commissions.

 

Thanks to all who have commented on my blog.  Don't be afraid of "short sales".  Learn as much as you can about the process and learn to be patient, professional and persistent.  Kill them with kindness.  We need to change with the market and short sales are going to be with us for a while.

Enjoy your weekend and keep on selling!

Feb 07, 2009 08:29 AM #7
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Rainmaker
324,887

Evelyn Santiago, Managing Broker Heart Realty Group, Inc.

Passionate About Real Estate & Our Clients!
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