My First ActiveRain Closing ... and It's a Short Sale!

I have received many, many leads directly attributable to ActiveRain and have been actively working with ‘Rainer’ buyers and sellers, but this is my first ActiveRain closing.

Not only did the buyer become aware of me through ActiveRain, but because of ActiveRain, I knew just how to make this Short Sale happen!

These are just a few of tips I received ~~

• Set the initial list price at or slightly above market value
• Lower the price gradually over time
• Require that the buyers give lender at least 60 days to approve
• Require an initial earnest money deposit from buyers to substantiate their seriousness
• Require a mortgage pre-approval
• Put together a complete Short Sale Package, including authorization, listing agreement, contract, hardship letter, financial package, and marketing report
• Contact the bank at least once a week
• And above all, stick with it!

Location: Oviedo, FL

Lender: Wachovia (originally through World Bank)

Initial Purchase Price of Home: Over $450,000

Loan Amount Owed: Approx $375,000

Hardship: Loss of job necessitating relocation

Initial List Price: $310,000

Final List Price: $292,000

Sold Price: $292,000

Last Mortgage Payment: Homeowners never stopped making payments

Time to Obtain Lender Approval for Short Sale: 15 days (not a misprint)

Days from Listing to Sold: 153

Complications: 1) Buyer #1 dropped out when lender approval came in because the buyer of his house backed out and he was unable to obtain financing. 2) Buyer #2 backed out only three days after signing contract and before deposit was submitted.

What Went Right: Buyer #3 came in at full list price and full cooperation.

Monetary Contribution Required of Homeowners to Finalize Short Sale: $0

So thanks to everyone here. I couldn't have done it without you!