Lynn Pineda-Coral Springs REALTOR, Short Sale Specialist

What happens when you receive a Buyer's offer for a home listed as a Short Sale and initially the Lender says "NO"? If I'm representing that Seller, the offer that has been submitted is an offer that I can support, believe in and I will fight for its approval. This case story has topped my experiences of drama for a distressed Sellers property here in South Florida. And the fight goes way beyond that first "No".

Grab a seat and let me tell you the story.

1st Buyer's offer:

This first offer submitted was rejected by the Lender. I went back to the Lender with my analysis of why they should accept the Buyer's offer and finally I got them to see it my way. Great, I said. Oh, the fun was just beginning. This was a Buyer who wanted everything her way, no give and take through the whole process. The closing was scheduled and a walk through was performed. At the walk through the Buyer determined that there was some furniture left behind and it must be removed by tomorrow as the closing was scheduled for the following day. . A day that the Seller had tried to get them to extend by two weeks to allow for her to have more time to get out her being a distressed widowed woman. The Buyer said, absolutely not..."....I want in the house on such and such date...." Okay now what? They demanded that the furniture be removed. The furniture had to be out by the next day. Well, I got my husband and son to agree to come with me to move the furniture out to curbside. We thought it was going to be an easy job...just move some furniture out of the house. Not this furniture. It was huge and couldn't be carried through the front door. My husband had to actually tear it apart with a hammer breaking and prying the wood and glass apart. What a job! A few hours later we were done, went home and I looked forward to a closing in a few days or so I thought.

Yes, you guessed it, the closing never happened. The Buyer's financing fell through at the last moment. In fact, the Seller was rewarded the Buyer's deposit for being in default of the contract. In fact, the request to cut the check has just been forwarded to the Title company this week.

2nd Buyer's offer:

Oh, finally a new Buyer...yes, let's close. New offer approved by Lender All went well until we got to the inspection and the Buyer wasn't willing to pay for what was necessary with the needed repairs. Good bye Buyer.

3rd Buyer's offer:

I'm sure this Buyer will follow through. New reduced offering price approved by Lender. Again, we got to the inspection and the excess repairs ultimately scared this Buyer too.

4th Buyer's offer:

By now, I"m really getting tired and thinking about giving up. But then I think, how could I give up on my Seller who's counting on me, who has faith in me. So I don't give up. I try again. A lot of time has lapsed by now, you can imagine. New increased offering price approved by Lender. This Buyer came up against the same situation as the other Buyers did; that of needed repairs. The difference? This Buyer's business was qualified to make the repairs himself and wasn't concerned at all with the needed repairs and said, "....sure I'll make the repairs...." This was to be done before closing as this was a FHA financing. What needed to be done?:

• algae filled pool needed to be cleaned and functioning
• wood rot on exterior of home needed repair

The Buyers made repairs but oh no, now the closing date was nearing as was the Auction sale date. The Lender wasn't ready and expressed doubt in being able to close. You've got to be kidding. HELP ME!

Quickly, I suggested to the Buyer's Agent that they find a new Lender and referred them to a Mortgage Broker that had saved the day for me on a Short Sale from a few months ago when a Buyer's Agent and their Buyer couldn't get approval at the last moment and went to this new efficient Mortgage Broker.

Now back to the Lender. I expressed I needed two more weeks to get the Buyer closed. "...NO..." was their response. This file had been postponed through all of these Buyers and they weren't going to budge another day. We were three days from the Auction Sale date. And back and forth and they weren't budging saying that they're going to foreclose...forget the Short Sale.

Here it comes again, that gnawing feeling of giving up and throwing in the towel. No, I just can't do it....we're so close. Back and forth conversations via email with the VP of loss mitigation. We're now at the day before the Auction Sale date,

• "....Okay, if the Buyers deposit a non-refundable deposit of $4000 to us we'll delay the Auction sale date and extend closing until Sept 30th.
• I got them down to accept $2000. The Buyer wired the money. This Buyer wanted that house! If they closed the $2000 went towards home. If they couldn't get approved, they'd lose the money.
• The new miracle worker Mortgage Broker got Buyers approved to close, having completed it all in just two weeks
• And we closed this past Monday.
• Yes, you heard me....WE CLOSED!

So the next time someone asks you When do you quit trying on a Short Sale? Tell 'em....we don't!

It's everywhere you look, this pricing strategy. It's guaranteed to send your homeowner right into the tailspin of foreclosure; List a property and freeze the price.

I see it all the time whether I'm working with Sellers or Buyers. How are Buyers and Sellers affected:

• It can be a great thing if I'm looking for Buyers who want to purchase a fabulous new home as this property whose price hasn't been touched is probably overpriced thereby overlooked by most Buyers and allows my Buyer to uncover it. Yet, it hurts the Seller of this property as a Buyer who could be buying the home if it was priced correctly, reduced that is, will never stumble across it
• It can be tragic for a distressed Seller who needs to sell their home.

As discussed here before by many who would agree, we have Listing Agents listing properties simply to get a listing and then forgetting about it. Set a price and basically walk away from any chances of success. Why would anyone want a listing just to have a listing? That will get you as the Listing Agent absolutely nowhere; no respect and no livelihood. So why do it then? It befuddles me.

However, Agents lack of concern for these distressed Sellers is truly alarming in today's real estate market when listing a Short Sale property. It is more than simply not getting a home sold because it isn't priced accurately, it's adding to a homeowners stress by forcing them into foreclosure. Not something to ever be taken so casually by so many that do.

I've run across listings for Short Sales that haven't been reduced for months. Who taught these Agents this strategy? It's criminal. That is just a lawsuit waiting to happen. How would you say that this is putting the Sellers interests in mind when you service them?

The pricing on Short Sales cannot sit at one set price. I've seen Agents who even have listed a Short Sale priced at what the Seller needs to cover his mortgage- oh my gosh! That is just ignorance.

If you take on something new, like a Short Sale, either set out to learn what you should do or refer it out to someone who has taken the initiative to learn the right way to conduct an ethical business. After all isn't earning a referral fee better than no closing or better yet the fine or criminal suit you'll be slapped with for negligence? Wake up!

Some will claim that they can put a value on a property within 15 minutes, some take a few hours and some know right away. I'm floored with the last one who claims to know right away.

I ran into this today when I followed up on a Short Sale package that I submitted to a Lender and 1 minute into the call they came back at me that my offer will never work because they value the property at twice as much - Gosh, how did they do that? Wow, they're fast!

Of course, I reserved my impulse to attack and calmly implied that they'll see the true values as per my market analysis that I provided. These properties haven't had a sale for twice as much since two years ago. Sure there are properties sitting on the market priced at twice as much that have been on the market close to a year and many more than a year. Hmmmmm.....I wonder why they haven't been sold?

With remarks like this from lenders indicating such exagerrated values, are they thinking that we are going to be in agreement?

First thing, when I submit a Short Sale, I'm comfortable in knowing that I have a solid offer as I've done my homework and have analyzed the market and know my values. I will not submit a Short Sale offer unless I can support it with facts.

I sure wish that I could know my values in an instant as that would make my job much easier but then anyone would be able to do my job now wouldn't they?!

I've been reading here on AR the why's of why we participate in Short Sales. I just read Broker Bryants post and it moved me to elaborate here myself.

As many have said it's not just about earning a living. It is oh so much more. To play an active part in making a genuine difference in someone's life who is suffering from finanical and emotional stress is truly rewarding. When you know that what you are doing daily in your job can make a real difference in the life of others, this is what we're here for; this is so important in leading a fulfilling life.

Short Sales aren't easy;

• they require a lot of preparation on the part of the Realtor, particularly when you handle the Short Sale yourself, as I do.
• It's constant follow up and dealing with others who punch a clock that don't have the same passion in helping another.
• It's biting your tongue when what you would like to do is scream at the Lender representative on the other end of the phone
• It's sending documentation again and again if need be.
• It's sometimes settling for less commission than what you earned.

But primarily, it's about the husband, the wife, the single man, the single woman, the family, the extended family that just needs somebody to help them save their home from foreclosure and to really go to bat for them and never give up even when "no" has been thrown at you. Never, ever quit. Because when you're guided by such you'll be able to experience the true gratitude that your customers express when they always may not know where to begin with their expression of appreciation. Just reliving the moments here makes me excited about tackling the next Short Sale Listing, the next Lender call, the next Short Sale contract offer and the next Short Sale closing.

Here's a few of my customers sentiments that have moved me beyond words:

"I think I found the best Realtor on the planet and her name is Lynn Pineda!

When we decided to list our home with a Realtor, I did some serious searching for just the right person to help us. We were in a short sale situation. From the moment I first spoke with Lynn, I heard something different that I hadn't heard from other Realtors. Passion. Her passion for her job is amazing. She doesn't give up. She's persistent, compassionate, organized, conscientious, and thoughtful. If we had questions, she had the answers. She returned phone calls and responded to e-mails with lightening speed. She worked so hard for us, and kept me calm throughout the whole process. For all of you selling homes in this slow market, you know how stressful it can be. In football terms, Lynn was like a lineman to my quarterback. Linemen are the largest and strongest players on the field. (She's petite, but don't let that fool you!) She completely kept the "bad guys" away from me so I could concentrate on my job and my life outside the short sale.

In closing, it is our pleasure to endorse Lynn Pineda. We are thankful for her expertise and knowledge during this difficult time of selling our home in a short sale. Regardless if you're buying or selling, we hope you'll have an opportunity to know her and find out for yourself as we have. Lynn is genuine, and she's out there to help you."

Sincerely,

Diana and Adam

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"If you are reading this testimonial, then you are probably considering putting your home up for a short sale, or even worse, letting it fall into foreclosure. And if you are reading this testimonial, you are probably considering whether or not to utilize Lynn Pineda as your realtor. The answer to that question should be "Absolutely!!" I had no choice but to put my home on the market in hopes of completing a short sell in January of 2009. This was one of the hardest decisions I've ever had to make and by far one of the most stressful ones. The real stress didn't start until the process finally began, and believe me it is a lengthy one.

I couldn't have hoped for a better, more compassionate professional guiding me through this process. I know I was very difficult, demanding, and high maintenance at times. Never once did Lynn loose her patience, professionalism, and motivation to successfully complete this closing for me. In fact, the closing was delayed for several reasons, several times (which is very common) and Lynn never backed down or gave up even when I felt it was never going to happen. There are many so called "Short Sale Specialists" out there. Unfortunately, many are not and many have never even completed a short sale closing. Lynn is a competent professional and "Master of Her Craft" and truly knows how to attack these complicated closings in this most challenging of economic times.

Lynn Pineda will be at the top of my list when I finally decide to buy or sell a home again in the future, and she should be at the top of your list now.

Thank you Lynn!!"

R. Eisenman

"To anyone who may be thinking of using Lynn Pineda for their real estate needs please read the following testimonial

Recently I went through some tough times. I was taking care of my mother who had just undergone a cancer transplant and then had a stroke. I had also been in a financially destructive relationship which left me with nothing but foreclosures and debt. All my mortgages had fallen behind with the market changes, and all my properties were nearing foreclosure. I actually discovered Lynn Pineda through my search online for a short sales specialist. I called and left her a message, and she returned promptly and answered all my bombarding questions very kindly and professionally. I had a condo in Sunrise that was my first home I ever purchased-and I was so sad to see it go. I asked Lynn if she could manage a short sale on it even though we had already received the foreclosure papers for it. She said absolutely. All throughout the short sale process, Lynn was great about following up, answering all questions, and being professional and polite. She managed to sell my condo, and is now finishing up on a short sale for my mother as well on her condo. I could not have asked for a better person/agent to take care of my short sale than Lynn. She even recommended a good financial attorney to help me with my financial troubles as well. It's funny, but we almost consider her as family now. I would without hesitation recommend Lynn to anyone I know. Thanks so much Lynn, you rock."

Sincerely,

Jill H.

Happy to let you know what pure joy is all about!

The more you know, the better prepared, the better the outcome.

I serve Coral Springs and the surrounding cities such as Coconut Creek, Parkland, Tamarac and Sunrise in Broward and Dade and Palm Beach Counties of South Florida as your dedicated Realtor and CDPE Certified Distressed Property Expert ready to work for you. I'm looking forward to hearing from you soon. Please call me at 954-464-1100 or email me at: lynnp@ImagineYourHouse and it would be my pleasure to help you!

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