It's a Good Day When You Close a Short Sale!

When I received a call with a referral for a short sale listing, I prompty gave it away because I wasn't going to get involved with "all that paperwork and hassle." But, when a friend asked me to help him get out from under an investment that was costing him $1000 a month I said, "Sure, why not." I asked a few questions of those who had gone before me and priced it based on a model match that had been sold two months earlier. I saw no reason to price it crazy low.

Very shortly we received an offer over asking price. I put all the papers together in a nice orderly fashion and faxed the entire package to the fax number I had been given by the lender. That was the only frustrating part of the entire process. It took two and a half weeks and two more faxes to confirm that it had indeed been received by the lender.

Meanwhile the buyer's agent kept calling wanting to know if I had heard anything. No, was always the answer. Phone calls and emails to the lender went unanswered. I told her that my impression was that this asset manager was tending to business instead of wasting time on the phone or answering emails and that one day an approval notice would appear in my inbox. And what do you know, that impression was correct and when I was away for two days, of course, isn't it always when you are on vacation, I recieved the approval with the terms exactly as written. That was a happy day but not as happy as today when it was recorded! And all of it done from listing to close in less than three months. The buyer's agent said her faith is short sales has now been renewed. So, if your client sees a short sale that is perfect for them, do some research and give it some consideration. It could work!