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HomeThe Longest - Short Sale in History !!! Ha...

The Longest - Short Sale in History !!! Hawaii Real Estate

Finally - it closed !!! This has definitely been my longest nightmare, and I cant even blame the banks! We had an accepted offer on this property over 6 months ago. Client owed $430,000 - presented comps that showed values at $290,000, took a month for the Bank to agree to the short sale - by then the buyer had Cold Feet. he wanted out - and then tried to renegotiate a sales price at $220,000 - obviously they bank told him to pack his bags. As the bank started foreclosure proceeding again - I marketed the heck out that home - got another offer at $270,000 - got the bank to accept the new offer - opened Escrow again - it seems the buyer thought this house was abandoned, and decided to do the home inspection - without telling his Realtor - or me. Well it seems that he ran into the home owner and there was some kind of confrontation - small kind - but enough to send this buyer packing his bags. Back to marketing the heck out this home - since it took a week to get the papers on the escrow cancellation, I was able to bring in another offer - same price - before the bank knew about the cancellation of the old escrow. I explained to the bank that there was a small issue with the buyer and that we would be changing the names on the contract,(exact same deal - just a new buyer) I thought I was home free - uh uh - no way, now we all know how much the financing market has tightened up - needless to say - it took 2 months for the new buyer to get funding - the bank was done with me after about the 3rd week, so my escrow company really had to earn there money on this one - I owe them a big MAHALO for helping keep this together - Thank You - Michelle U. Pokipala, Escrow Officer - Hilo Branch, Old Republic Title & Escrow of Hawaii. Just a note also - the bank did pay full commission (6%)

Aloha, and have a great day

Lance Owens (RS)

(808) 936-8383

Lance@KonaHomeTeam.com

http://www.konahometeam.com/

Aloha Kona Realty Inc.

78-6740 Alii Drive

Posted Friday Mar 21
(03/21/08 12:24PM) — Keith Goodman

Thank you for the blog. I understand your frustration. However, no matter what the market may be and whatever challenges that we meet will be conquered with diligence as you've shown. I wish you continued success in 2008. I will be looking forward to your future blogs. Thanks, Keith 

(03/21/08 12:29PM) — J Manno

 

I had two that were close to your record. One was 5 months and the other was 5 1/2 months. so much fun.

(03/21/08 12:31PM) — Courtney Cooper, Seattle Realtor/Broker- Seattle Real Estate, Seattle WA

Congrats to you!  That was  paycheck well earned!

(03/21/08 12:36PM) — Menomonee Falls Real Estate - Matt Yogerst

Any hints on how to keep the full commission? Most of ours discount our compensation to 5%.

 

 

 Matt Yogerst - Short Sales in WI

www.mattyogerst.com / www.wireohomes.com

(03/21/08 01:04PM) — Lance Owens

Aloha Matt

I beleive it had to do with the inital offer - I presented the - Purchase Contract - along with a HUD statement.

I brushed over the offer price $270,000, escrow and closing cost, and Focused on the bottom line - thats all they really care about. When they go into there board meeting - there is no thinking that has to be done - if you give them a chance to think - they start taking it apart - you know what - this is a great new topic for a blog!

Aloha, and have a great day

 

Lance Owens (RS)

(808) 936-8383

Lance@KonaHomeTeam.com

http://www.konahometeam.com/

Aloha Kona Realty Inc.

78-6740 Alii Drive

 

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