813 Days or 2 Years, 2 Months and 22 Days - Finally CLOSED !

The first offer was submitted to BofA on our listing on October 8, 2008 which was declined because it was too low.  The seller had already been 2 years without making a mortgage payment.  After 3 more offers, the seller filing BK and much drama, BofA finally accepted an offer more than $100,000 less than the original offer - and - the seller stayed in the property more than 4 years "free".  

 

It closed on 12/30/2010 after 813 days or 2 years, 2 months and 22 days.  This was the longest short sale of teh 100+ I have closed and truly is a "career" short sale.

 

Thank goodness things are moving a bit faster now :-)

 

Thom Colby

Broker / Short Sale Negotiator

Newport Beach CA

Views: 100

Replies to This Discussion

Permalink Reply by Lori Young on January 24, 2011 at 3:42pm
Good work keeping with the seller.  Most people would have written them off. 
Permalink Reply by Susan Neal on January 24, 2011 at 4:32pm
Congratulations! That's true persistence.
Success must be due to all those 2's - 2 years, 22 months and 2 days? Looks like 2 is your lucky number. lol
Permalink Reply by Wendy Smith on January 25, 2011 at 1:18am
Gee, I think that is the record.  I had one with Carrington that took nearly 2 years and the final closing price was about $60k under. 
Permalink Reply by Thom Colby CA Brkr 888-391-5245 on January 25, 2011 at 4:45am

All, thanks for the great words - that was a long one and it got to the point that I never thought it would close, so I let go of the personal frustration and just "let it happen" on it's own time.

 

@Wendy - Carrington formed their own Real Estate Brokerage a couple of years ago called "Atlantic and Pacific Real Estate" located in Santa Ana, CA (shares the same building as Carrington) so for those of us here in CA, it has been difficult at best to get any short sales approved from Carrington.  Their strategy with borrowers has been to "strongly encourage" borrowers into a Deed in Lieu and then list the property with A&P RE.

Permalink Reply by Donna Paul on January 25, 2011 at 4:55am
According to them the new program will only take 10 days .. What a difference that will be... I can't wait to see it. BTW Congrats... I glad you CLOSED it in the END.
Permalink Reply by Smitty on January 28, 2011 at 12:03pm
OMG Thom.  That is amazing.  Talk about perseverance.  Great great job!!

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