Finally! The probate, shortsale, foreclosure-threatened-but-held off residential contract closed an hour ago after two attempts and 10.5 months of grueling, frustrating work, but...
Both of my clients are happy (the seller and the buyer!)
and I don't think my broker believes it yet that I carried this through to the end.
After all, it was a LOT of hours, considering the final commission.
I had been warned going into this that when banks are loosing money, the first place they tend to look to make it up is the real estate commission. I managed to hold my ground and in the end we came out ok. But with a final price of $155,000 and at least 98 hours working on this contract over the past 10 months, I don't even want to think about what my commission comes out to on an hourly basis!
But I learned a lot about Short Sales,
I have earned the respect of two people who will hire me in the future, and at least one bank that thinks I'm a pretty darn good real estate agent....
Now, on to the next deal.
But first, where is that Champagne!
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Specializing in conservation, agriculture & commercial properties, Eva Armstrong has contacts throughout Florida to help landowners who want to preserve their land for future generations to enjoy.
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How about some congratulations for your hard work. You deserve the bottle of champagne for that one, and here's to the next one being a lot easier...You rock.
Congrats on the close!I think 4.5% is pretty good considering most of the short sales in my area only offer 2.5-3%. Keep on selling!
Hi Eva,
Wow, great job! Your perserverance finally paid off for you. You may not have made much on this one, but it sounds like you made some good contacts and hopefully some future business. Have a great weekend, sounds like you deserve it. Michael A. Caruso
That is great. Perseverance does have its rewards.
Jason--- thank you ! I'll tip a glass to you and my fellow agents too!
DeVerie -- I have a VERY good coach -- he warned me about the bank's tactic, so I was well prepared when the negotiations began... Thanks!
Thanks Michael, the contacts and learning experience definitely made this experience worth while... great weekend to yu too!
xGary - This is the second real estate deal of my career that required extraordinary perseverance.. very different but very rewarding in the end... thanks for the comment!
Well Done Eva. Sorry I wasn't there to help you knock-off the champagne, you certainly earned every drop!
Joe- I couldn't have done it without you! Thanks for all the support, advice and guidance... even here at the end!
Wow, that was a long hard fight! Congratulations on the final success!
Thanks, Pam- I had noooo idea it was going to take THAT long, but it all worked out!
Congratulations Eva! It gives all of hope that the transactions were in the middle of involving short sales might actually close...one day. :)
Kathie, It definitely takes patience, playing nice with the banks even when they are dragging things out, and keeping your contract in front of them. Havingi been through this one, I'm convinced if we have it priced right, the majority of them will close. Good luck and thanks for writing!
Congratulations!!! I know how hard you have worked on this. It's fantastic that you stuck it through and turned a challenging situation into a positive on EVERY side!
Eva,
Congratulations on this sale! It always feels so good when all of your hard work pays off! Continued success!
Alex, it was a long haul but worth it at the end! I went by to see my buyer on Sunday afternoon. She was up to her elbows in sawdust from sanding the hardwood floors and when she saw me she smiled and gave me a big hug - sweat and all! That made every day of the 10 months worth it!Thanks for writing!
Thanks Michelle, you are sooooo Right! Have a great day and back at you!
Don't you feel like you have been beaten up? Now onto the next!
Ellie, At one point I felt like I was beating my head against one bank's rock wall when they refused to talk to me (really long story - I got around it), but other than that, nope. At the other bank I made a terrific new friend and business contact for future short sales! So definitely on to the next! Thanks for writing!
EVA, Congrats on your closing!! I have done two short sales and I personally think they should be called LONG SALES. My short sales were several years ago before they were so common. Like you I learned a lot from doing them. Should I HAVE to do one again I would know what I was doing. Both of mine were previous client who fell on hard times. One of them from a divorce and the other was a widow.
Marchel- I love that -- Long sales! That must have been tough working those two long sales in those situations... thanks for writing!
congratulations! It is always a good feeling when it all comes together!!!!!!!!!!!!!!
Eva, you are to be commended for hanging in there for your client. I know you learned a lot from this very difficult short sale. Hopefully, your next one will be easier, but it seems like each one is different and most of them are frustrating and difficult. I have heard of one that took only two weeks, start to finish! I'd love to have one that easy :)
Barbara-Jo & Bill - Thank you! This one really did! I appreciate your wonderful string of comments on these articles - you are true "fans"!
Colleen-- Two Weeks! Wow! I think that might happen if I find a short sale now with one of the banks I have just had this experience with. I now have contacts at the banks, and one in particular wrote a glowing letter when we were finished. But starting off fresh with a new bank. I don't know? Thanks for stopping by!
Thanks, Kathy!, I love the Smile face - and have to admit in all the comments I've gotten on my blogs, it is most unique - can't help but smile back...It serves to remind me how good it feels to get this job done! Thank you!
Congratulations! Once the elections are over there should be a lot more of these!!!!!!!!!!!!
Congratulatios I know they A BEAR to get done and you wonder if it will ever happen!! The one I did truly made me see that I really don't like these short sales!!
Congratulations! The tough ones will make you a better agent and give you a reason to appreciate the easier closes.
Barbara-Jo -- I certain hope so! They are a great deal for sellers and buyers, even if they do take a bit of time and stress in dealing with the banks...
Marie- I do'nt blame you a bit! My broker thought I was nuts, but by the end I had earned a bit of respect for seeing it through to the end.
AJ & Jodee- Thanks - I certainly hope so... I learned a LOT of lessons about being a real estate agent on this one!