Diane J Ebbers, West MI agent Extraordinaire

Well, it's official. After all the short sales I've encountered I never thought this one would be the impossible one. The short sale lender won't even talk to me about the impossible situation they have put me in!

I've had this listing for a dear friend of mine for many months now. We tried selling it high enough so they wouldn't have to do a short sale first, but that didn't work. The neighborhood's values have plummeted and the increased crime in the area has not helped. We had to keep lowering the price until finally we got down to $32,500 and FINALLY got a cash offer of $22,000. We even tried to counter the buyer's offer directly before submitting it, but he wouldn't budge. The house is in pretty deteriorated condition.

Today we got an answer from the lender, yay! They are countering at $38,000, boo! *head desk* They won't even listen to me about all the knowledge I have about this house and the neighborhood and the listing history and how impossible that is!! They just rely on one stupid BPO. I asked them to do another BPO, once again, ignored. I asked them what our options are even if the seller has to sign a note (I know they would try to be as cooperative as they can, they just want to get this behind them) but they say any note would be for the deficiency not to make up the difference between the value and the offer.

So I am trying hard to help my friend avoid a foreclosure on this house that has plummeted in value since they bought it and then moved away from it a few years later due to a job she received that included housing. They tried renting it out for a few years but renters just kept trashing the place forcing them to sink all kinds of money into that they can't afford anymore. They just need to get this behind them, will they be forced into a foreclosure just to get rid of the house??

I thought banks preferred short sales to all the costs of foreclosure and holding real estate, am I wrong?

There is no way we will get an offer at the $38,000 price they are forcing me to re-list it at. So they have forced me and my sellers into a spot between a rock and hard place with no where to go. Any suggestions???

When most people that don't live in Michigan think of Michigan, what do they think of? They think of the largest city, Detroit, of course. But what they might not know is that Detroit is shrinking, and a lovely city over on the West side of the state is poised for growth!

While the industries that Michigan has relied on so much in the past are struggling, there is a lot of innovation going on in West Michigan. There is a lot of creativity and philanthropy going on, giving us the "Medical Mile" and many jobs in the Health Sciences and other "knowledge" industries. There is a very innovative event that has been very successful in bringing people and businesses together to gain a stronger awareness and appreciation for art, called "Artprize" (http://www.artprize.org). I think Artprize is one of the coolest things since sliced bread.

Yes GR is having it's share of short sales and foreclosures, just like the rest of the country, but I think that West Michigan will come out of this difficult time sooner and stronger than some other areas of this state.

Low cost of living and high quality of life make this one of the most desirable cities in the USA, if you ask me. But then I'm a little biased. I moved here to go to Calvin College in 1982, and never looked back. I met my spouse of 25 years here, gave birth to all three of my children here, and it has been a wonderful place to live and raise a family. My husband started his own small printing business here in 1993 and his business is thriving despite the nationwide slumping economy.

I started in Real Estate in 2009, presumably in one of the worst times to start a Real Estate career. I have been enjoying a good deal of success and have been very busy learning to love helping my clients in one of the biggest transactions of their lives! Basically, I love this city, and know many others who love it as well.

Who knows? Grand Rapids may take over as the largest city in Michigan someday...I wouldn't be surprised at all. A little while back, Newsweek published an article implying that Grand Rapids MI was a dying city. WOW did they get a huge amount of flack for that from loyal Grand Rapidians!

Check out this facebook page that came about from this:

https://www.facebook.com/group.php?gid=160560663968382&v=photos&ref=ts#!/pages/Hear-that-Newsweek-Grand-Rapids-is-not-a-dying-city/133830260012452

Or this awesome Lipdub that the hippest coolest city folks have come up with:http://www.youtube.com/watch?v=ZPjjZCO67WI

I love GR!

When I took this one on, I had no idea what I was getting into. This sweet client was referred to me by her son, for whom I had successfully closed my short sale listing, with him as the buyer. That one all went so smoothly even though it was my first listing as a new agent, it involved a bankruptcy and 2 liens, and I did the short sale myself! He was so pleased, he thought I could help his mom. I thought I could too. The jury is still out...

I listed her property for her a year and a half ago. Turns out she not only had 2 liens on the property, but a 3rd one popped up as we were going through the process. Turns out the 3rd one was really in 2nd lien position, and then, we found out, actually in first position!! So the lien we didn't even know about was in first position! Check your title committments closely folks!! My title manager found this one for me...

My seller had refinanced in 2007, and this lien that was a home equity line of credit was paid off in full at that time. BUT!!! Someone at that title company did not send the letter to close the account. And then she borrowed on it again in 2009. So the bank she refinanced with in 2007 thought they were the first lien but they were not because this HELOC had been opened in 2005.

So now the $13,500 balance on her HELOC has to be paid first, since they are in first position. They are not going to accept this smaller payoff that junior lienholders usually get. Why should they??

Well we lost one buyer, but now we have a new buyer. And the bank that THINKS they're in first position (a big well known bank that is known for being horrible with short sales) has filed an affidavit of abandonment even though the seller's husband is still living there!! And they say they can't move forward with the short sale until the lien position thing is worked out. But the affidavit of abandonment says foreclosure happens in 45 days from now! Obviously their right hand doesn't know what their left hand is doing. Always keep an eye out for Sheriff's Sale notices or Affidavit's of Abandonment during your short sale process!

AND the title company that did the screw up back in 2007 is now defunct (I wonder why) and we can't seem to find out who is the underwriter and insuring their policies. This could take years.

So here is what I did. Today I gave them an ultimatum. Either you accept this short sale as written, payoff the HELOC bank in full ($13,500 on a $92,000 sale), and make this all go away in 30-45 days, OR lose this buyer, lose this listing agent (ME!) and spend way more on foreclosure fees and lawyer fees defending a lawsuit for unlawful foreclosure and drag it on for years.

What would you do??? I will let you know what their answer is...

Oh that silly classic movie, "What about Bob?". The story of a man full of fears of the world "out there". At one point in the movie he bravely steps out and tries something new: sailing. He has to be tied to the mast of the sailboat, but he does it! In shouts of triumph he proclaims "I sail! I sail!".

Well, I have made a determination to try new things, and today, I begin to blog. My first blog post ever. I'm a reasonably intelligent human being, I've got some knowledge and insights to share. So here I go. "I blog! I blog!".

In my first couple of years in Real Estate I learned so much. But each day in Real Estate I am learning exponentially more, and growing from it. I love the people, and frankly, I love the houses! Most of the time. On both the people and the houses ha ha.

I will start sharing what I have learned and am learning each day, hopefully someone will gain some tidbits that help them! So I guess I'll be seeing you around the blogosphere! (is that a word? I just made it up, but I feel like I've heard it somewhere before).

God Bless, Diane <><