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!
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FMV: 650K
Lowest Comp: 525K
Original Offer: 500K
Best "All in" price buyer willing to pay: 540K
Lender Counter: 740K
Approved: 502K
Here is what I did:
Offer came in at 500K, so after discussing strategy with buyers agent, he indicated that, after all fees (including mine) and costs, and any extra $$, buyer was willing to pay up to 540K. Since there were a few comps in the low 500's, I suggested that the buyer lower the offer to 475K. Lender came in with BPO/Counter at 740K. After a detailed value dispute and serious negotiation, lender issued a full deficiency release approval at 502K. Do any of you think the buyer was upset paying my 3% fee? That's what I thought.
www.josephalfe.com
Have to post a buyers position.
The lender came back with a counter 20k over the LP and 25k over the AP.
We questioned the value and provided what they asked 3 sales and 3 lists almost a month ago
The title company acting as the "negotiator" submitted the documents and never followed up.
The file was closed.
I pushed for communication and a when and learned the file was closed but then reasigned to the same person a man
3 weeks go by and I push again and am advised the title company is advised by a woman she sent the info to the investors.
I dont need to be Dick Tracy to see a big time screw up.
I have a BA who is content to sit back and do nothing in fear the deal will be screwed up and a SA who apparently does very little if anything.
Im told wait wait wait
I waited for three weeks and the title companys lack of follow up allowed the file to be closed
They said we were lucky it went back to the same person.
Wait for what theyre not even following basic business practices and common courtesy.
Frankly Im in utter amazement.
This a discussion on short sale successes. I think you posted to the wrong thread.
Im sorry did someone die and leave you a title I missed? I most sincerely beg your pardon.
I didnt know someone would be so offended by Freedom of Speech particularly about a Short Sale experenience what was I thinking?
Are you allergic to anothers experience that might offer a different perspective? Can I call someone for you?
Yes God forbid I should say anything that might be construed as being of benefit to anyone.
If theres nothing else youre dismissed.
Bill time to reel it in and to start being civil or I am going to remove you from the site. You continually try to argue with everyone on this site and have rarely added anything constructive to any conversation other than your rants. Your short sale experience is limited to a few short sales and many on here including myself have done hundreds of short sales.
It is OK to disagree as long as you are not just disagreeing to be disagreeable.
Excuse me Jeff but that comment was days old and I saw no reason to call me out in that manner.
What purpose did it serve except someone wanting to flex their muscles?
I was called out for who knows what reason and yet you see nothing wrong with that.
Why is that?
Why is it that my experience isnt constructive? if you dont want to hear a buyers side just say so but dont degrade me or talk down to me or be condescending and if you look at the comments thats what I get. I beg your pardon but thats out of line. Look at the comments.
Bill the only degrading talk here is coming from you and you have been warned. This post was about short sale successes not about your one short sale that was not a good experience for you. Bottom line, short sales are not for everyone, you are a good example of that.
I am only asking you to stop being so disagreeable, especially with the very limited knowledge that you have with short sales. There are hundreds, thousands of agents on this site who are highly skilled and experienced in short sales and there are also thousands that are here to learn from those experienced in short sales.
We understand that you do not "get" short sales based on a bad short sale experience. You have made your point over and over again.
This is your last warning, next argumentative post will be your last.
I have been very fortunate to have a 100% closing rate on all of my short sales. It comes from being proactive and tenacious, having well prepared sellers..and having a background in escrow has been a tremendous help. Ok..and sometimes a little luck!
The one short sale I am most proud of is one in which I represented the buyers on a beautiful home they wanted for their first home for their family. The seller accepted their offer in July 2011. The sellers agent said he previously had short sale approval on the home but the buyer lost patience and cancelled. We expected a quick approval...well, to make a long story short..the listing agent threw up his hands in January 2012 and said he could not obtain a short sale approval and was basically giving up and cancelling the listing.
The seller contacted me and wanted the buyers to have the house and asked if I would please represent them and pick up the short sale and see if I could get it approved. Of course the previous listing agent refused to turn any documentation over to me and I had to start from scratch.
Finally...after going back and forth between the 2 lenders, negotiating and negotiating. After 3 appraisals, and multiple BPO's we finally received approvals in August 2012.
My clients were able to own their very first home less than 30 days later.
In my opinion my clients deserve the award for hanging in there for so long. I would never recommend it to any of my buyers..but I knew once I took over the short sale negotiations that I could make it work, it would take some time..but it would happen.
And their house today...less than 6 months later..has gone up in value nearly 100k. Patience does indeed pay-off sometimes!!
Hi Everyone! I had nothing but short sale success with my transactions as I have closed ALL of my short sales. It hasn't been easy and I have saved properties from trustee sale on the SAME DAY that they are scheduled to go. I have been in the middle of a short sale where the house caught on fire, had to stall all foreclosure proceedings and then closed the short sale before it went to auction. And my personal favorite: postponing a trustee sale 12 times and then finally closing the short sale. I don't give up even when they deny the short sale the first or second time, work very closely with the buyers' agent, we are a team not the other side of the fence, and I never, ever, give up, oh wait, I already said that! Good luck everyone and if you need an agent in Northern CA that gets the short sales CLOSED, I am your agent!
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