What Are Your Short Sale Successes?
Hi Everyone -
Just for fun - tell us about your successes with short sales. A lot about this site is helping you solve problems. Most people write about that. It's good to ask for help. But how about a few short sale success stories? Tell us what you did to get that approval. What hints do you have to give to others from your transaction? Share. Learn, know and grow!
Replies to This Discussion
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Permalink Reply by Smitty on
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Every approval to me is a success, but there are those sales that definitely are more "trying" than others.
This week I closed a sale with a primary lien from AHMSI(or Homeward Residential now) that had a state tax lien, an irs lien and a pivate lien from an ex spouse with three attorneys all fighting a homeowner that wanted to be paid off to leave and an attorney that wanted to be paid for all his divorce fees. it was UGLY to say the least. we had a buyer that wouldnt close because the seller LEFT items in the property and THANKFULLY we took out a clause in the contract that states it should be left in broom swept condition and put a clause that if the buyer took posession they took responsibility for cleanout. I'm more of a psychologist most days than a negotiator. I dealt with the ex wife who hates her ex and I dont blame her and she was owed almost $50,000 on the private lien. It was just a gross sale all around.
Also I had a title that had 1.2 million in attachments and executions that I got settled for $11,000 - It was also ugly but got done.
It's all part of the business. 4-5 credit card liens, attachments, welfare liens, occupancy issues, septic issues, municipal liens, taxes...you name it.
Doesn't matter...we get it done no matter HOW UGLY it is. :)
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Permalink Reply by Wendy Rulnick on
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Smitty - Very amazing, and rewarding, I agree! I have never even heard of a welfare lien.
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Until that sale, I had never heard of one either, but the town gave the borrower money to get by with the condition the money was repaid when she got on her feet, but she never did, so they put a lien on the property.
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Permalink Reply by Ann E Richardson on
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The fact you hung in to get this closed for your client regardless of the ugliness speaks volumes of your character.
Well done Superstar!
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Permalink Reply by Heidy Gisler on
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I have a short sale with a 1st lien from GMAC and a 2nd lien from Real Time Resolutions, and it is a HAFA short sale.
I listed the property for $690k, then reduced to $650k and finally received an offer of $610k. The bank countered at $710k. I disputed the value and submitted a very detailed 90-page document supporting why the value was not $710k. GMAC took over 2 months to review the dispute and finally accepted $620k. We are closing March 8. It always makes me happy when we bring a short sale to close. The seller is in a divorce situation and they can now move on.
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Heidy - Excellent work! It's nice to hear a value challenge accepted. What did you include in the 90 pages, just to give others an idea of how to do a valuation challenge?
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The property is located in a town where you have to know the market. Country club properties are valued much higher than others, and the town was not consistent in how they list the square footage. My listing had the finished basement square footage listed in the total square footage, other properties did not. So the public numbers did not compare apples with apples. Also the lot was 4 acres but the useable area only about .5 acre. I included public records, assessor cards, lot maps, areal maps and throughout made annotations on the documents. I have Acrobat Pro so I can add annotations into PDF documents and highlight certain important facts. I wrote a 3-page document with a write-up on Market History, Site Problems (usable area, neighborhood, shared driveway, easements), Living Area, Interior Layout, Market, Comps, and under each section I listed the Exhibits that attached. It took me a long time to create this document and it certainly paid off.
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Excellent, Heidy!
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A client of mine had to short sell their home last year, I worked with them for 6 months keeping track of documents and staying in touch with the bank, they kept their payments current until the property was sold. All of the deficiencies were wiped, it was a Chase 1st and 2nd.
This past Friday, just a few days over 6 months since their short sale closed and with the help of my partner and an amazing loan officer with George Mason Mtg they have settled on their new home in VA with an FHA mortgage
To say that they, my broker, the lender, my partner and myself are overjoyed is an UNDERSTATEMENT!
There is HOPE out there for you if you are stuck and need to get into something more affordable and you are current! I am not just a Realtor i am a ***SUPERSTAR*** Short Sale NEGOTIATOR!
This is the best story I have but I have many others too
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Ann - That is a terrific and uplifting story about how someone who recently completed a short sale bought another home - and both with your help!
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Permalink Reply by Karen Curtis on
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I have one for the books and I and three attorneys have not been able to solve it:
A year ago (Jan 12) I met with a 74 year old lady who wanted to short sale, when I did the PR before the meeting I found the Trustee had foreclosed on the home July, 2009, there was a Trustee's Deed to Deutsche Bank! She was still living in the home and she said "Oh no, they didn't foreclose, I have had three modifications since then. Sure enough, Chase had given her three "temporary mods, took her money and then denied her (sound familiar?). She had an attorney sue, Chase's attorney (Deutsche has not been heard from, Chase is the servicer) came back with another modification and in the modification said something to the effect, "there has been no change in title since the original note was signed", which of course is not right. Her attorney said she should sign it and my client said the home was not in her name, (it is in Deutsche Bank's name), I need the home back in my name. He got mad at her and quit! She has written to Chase several times, "we are looking into this",nothing gets resolved. We have even gone to the AG's office (they are worthless, they told her to sue), it has been on KSL TV and no one knows what to do. Does anyone have a Chase CEO for a relative? Just kidding, but any kind of connection would be really appreciated.
By the way, other attorneys have said, they are puzzled and don't know what to do.
Thank you for any suggestions, it is pending the last reply to the law suit from Chase, in the courts and she has no attorney now. Crazy!
Karen Curtis
435-729-9192
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Permalink Reply by Bill Sloss on
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Sometimes when things get complicated you forget the obvious.
Who owns the house? The deeds are on file at the courthouse thats where to start.
Trust me its not uncommon for attorneys to be puzzled or AGs offices useless.
Youre talking to the wrong people.
Go to the courthouse and see whats on paper. Do not rely on anyone else. Take one piece of paper at a time.
There may be recorded documents elsewhere.
Whats on file and recorded is what counts.
This needs to be clarified "my client said the home was not in her name, (it is in Deutsche Bank's name), I need the home back in my name." He got mad at her and quit! Why did he say he quit?
You need to start at the beginning only then can you get somewhere. End the confusion with facts.
Sounds like youre weak there
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