About Bethel's Plumtree Heights

"If they take so long why do they call them short sales?"I was asked this question recently by a buyer client of mine. I started off by explaining that in a short sale you can't just go from point A to point B and that it is necessary to take a few curves along the way. My comment was met with that deer in the headlights look so I knew that I might have to give a more detailed explanation. I decided that it was best to give a recent transaction as an explanation.

I originally listed this Bethel Townhome two years ago for $229,900 and had an offer of $220,000 within two weeks which was immediately presented to the bank(Bank of America). Weeks turned into months and mortgage extension turned into mortgage extension until (at long last) the buyers bank would no longer grant a further extension. I sent an email to the bank letting them know this information and followed that up with numerous phone messages(nobody ever answers) and additional emails. we told them of the mortgage drop dead date and explained that this buyer would need to apply all over again(with the corresponding costs) if we didn't close by this date. Of course, I got no response. About two weeks after we had lost this buyer the magical email appeared that told us that the short sale had been approved. However, the buyer would need to close within two weeks. The buyer could not meet this date as his extensions had expired and he would need to apply all over again(that would take 30 days) and the bank wanted a perdiem penalty for each and every day past their date of closing. We have had 6 buyers since then over the past two years. These buyers either found another property while the bank slept or we also had two buyers who simply changed their minds upon approval. I have finally gotten approval to close next Wednesday(at $176,000) and (God willing) this two year+ short sale will be done at last. It seems that BOA lost $45,000 because of their folly. In that case I probably would have made about $1 per hour of time spent. I am not complaining and I love my job and take a lot of pride in it but it seems that all parties to the transaction are unhappy and wondering if it was all worth it.?.? I have heard of other situations with LOCAL BANKS where the "short sale" only took two or three months and then closed. Those situations are certainly few and far between however. Just imagine how it would take if I wasn't well trained and had 27 years in the business????!!!! I'm sure that there are stories of short sales that went smoothly and I would love to hear them.

Beware: Active Rain Addiction Day 7 Remembering 9/11

I will never forget the morning of the 9/11 terrorists attacks. It was a typical morning for me. I woke up and put on the water for tea, put the dog out, fed the dog and cat, made the tea and brought one up to my sleeping wife. I had showing appointments that morning so I jumped on the computer to check the hot sheet just to make sure that there wasn't some great property that I should add to my list that day. It was time to wake my daughters up for school(always a good time for me but not so much for them). It seems that I am the only one in my family who is a morning person. I start out the day up and positive and it can be a bit much to my other family members who would rather start the morning in the afternoon.(I'm sure you know what I mean). I remember my youngest daughter being surprised and dissappointed that I had to work on my birthday but I explained that, although it was rather important to me, the rest of the world saw it as an ordinary day and therefore a work day. I brought the dog in, kissed my wife goodbye and brought the girls to school.

I got to work before nine and met with some new clients from out of town on their first trip to Greater Danbury(funny how I can't even remember their names at this point). I gave a half hour buyer presentation and then we were off to see about three or four properties. My clients will usually go with me in my car but they had a little one in a car seat and decided to follow in their car. This was significant because, if they had been in my car, the radio would have been off. I believe that I turned the radio on between the second and third property showing, which was just long enough to hear all the confusion, but not long enough to realize that something was horribly wrong. I remember asking my clients if they had their radio on and had they heard anything unusual. They hadn't had it on so I asked them if they would turn it on on our way to the next property because I had heard something that I thought was very unusual. Of course, at this time, every station was talking about how a plane had hit the first twin tower and we arrived at the last house on our morning tour. I remember walking through that house in a kind of fog as we were all wondering about the airplane tragedy and hardly noticing this particular house. We drove back to the office and parted and I headed into the office to hear that a second plane had hit the other twin tower. I ran over to the small convenience store that was next to my office where a tv was always on. I can't remember whether the first twin tower collapsed then or if it was later on that morning but I cancelled my appointments for the rest of the day and headed home.

My wife and I sat glued to the tv for most of that day and night in shock. The kids came home from school and joined us. None of us could really comprehend what had happened. There was no birthday celebration, no friends over and I can't even remember if we even ate anything, although having kids, I'm sure that we must have eaten something. It is certainly a day that I will never forget. It is odd though having it on your birthday. Even as the years pass by the day comes with a birthday celebration for me but also a painful memory of that horrible day.

Just a few thoughts on this Labor Day morning. God bless and Happy Selling!