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!

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Permalink Reply by Susan Highland on February 17, 2013 at 7:22am

Our short sale success as buyers was as follows:

The seller's agent was on top of things, and put our low offer in to GMAC with a contingency that they accept to close by the end of the month.  They did.  Escrow opened and closed in a record two days. 

That is success!!

Permalink Reply by Tony Morales on February 17, 2013 at 7:34am

At end of last year we were finally at closing after getting our 2nd extension from Nationstar and after 3 foreclosure postponements. The short sale started in July. VA buyer and Nationstar, as we all know, countered above market value and would not give closing cost credit. Many conversations with an "uneducated supervisor"who refused to listen to reason. Through my internal sources, I located name of an Assistant VP.  He was involved and did give one of the postponements. The closing was to be by 12-28-12, but end of year and holidays delayed the loan docs.  I asked for one more extension of 1 week but the AVP refused to give it and said they were moving forward with the foreclosure on Jan 3, 2013. I did some investigations and located the company that owns Nationstar and called them and a lady just said she would relay the information.An hour later I received a call from Nationstar VP.  Then 2 hours later I received notice that the foreclosure was postponed and that they were giving us the extension  We closed on Jan 10, 2013

Permalink Reply by Ann Miller on February 17, 2013 at 8:42am

Hi I have 2 successful stories.  Both of these successful closes are a direct result of Short Sale Superstars.  First was getting no where within BOA so I asked if any one had the CEO's email.  Someone did, I emailed a request and outlined the problem.  With in 24 hours, I had an email back with a contact person and we then closed the deal.  Next was IndyMac Bank and getting NO where..I asked for a contact person and again, Short Sales Superstars came thru and I was able to close that one as well.  I closed many short sales from 2007 thru 2012 but these 2 were awesome.  I use short sale superstars for a lot of information and I appreciate all the information that is shared.  I have given feed back as well and some support.  Thank you for the high quality of this web site!

Permalink Reply by Pat Perrotta on February 17, 2013 at 10:13am

There are so many, I have a 98%+ sucess rate, but some are hard, others easy. I'll give an example of an easy one, I had a 1/2 duplex listed in a vacation rental area, BOA did a BPO.  I got an offer within 3 weeks of listing, and BOA came back approved in 1 week! 

 

An example of a hard one, I had a house listed, got an offer about $10,000 below asking, the bank countered at above full price, buyer wallked.  Later I got another offer, same story, buyer walked.  Later a third buyer, same thing, buyer walked.  After another few months, I got another buyer now with a property that had been listed over a year and a half.  The bank tried the same thing again.  This time I wrote them a detailed letter outlining each offer and their response, the repairs this house needed, and how it had actually gotten worse because of their delay.  The accepted the offer that was $15,000 below the first offer! 

 

The trick is don't take no for an answer.  If there is a problem, ask how you can fix it, not argue about how it hapened.  You have to be a "bull dog" and not let it go.  If you don't like what one person you call tells you, call again, you will get someone else, and usually a different story.  That's one reason I negotiate my own, and not trust a 3rd. party, they usually are just paper pushers.  I don't give up easily!

Permalink Reply by Heidy Gisler on February 17, 2013 at 10:42am

Good for you! That's exactly why I negotiate my own, I don't give up and that's how I have a very good closing ratio.

Permalink Reply by Karen McNamara on February 17, 2013 at 5:59pm

I was called to handle my very first SS in August, one loan with Chase.  We got off to a rocky start as I was given multiple fax numbers to submit the 3rd party authorization.  Every time it was faxed it magically disappeared.  Finally got that solved after about a week. During that time I hunted the web, found this site and immediately joined.  After reading the great information here,  I worked at length with the sellers to make sure the initial packet was absolutely correct and complete, and all supporting documents were included.  The primary borrower was deceased making our packet a total of 73 pages, the loan number carefully written at the top of each.

Shortly after, a wonderful Chase processor was assigned and everything went very quickly.  A few weeks later their appraisal came in high and the first buyer walked.  I had obtained back up offers so immediately negotiated a higher price with one and submitted right away.  We had Short Sale approval 11 days later and a request to close in 30 days. 

The buyers lender was back logged so it took several months to close.  Chase did play a few games in telling me they would not give extensions.  I kept the closer informed and finally called to beg for mercy because we absolutely could not close.  He informed me he already had approval to extend. After asking a question on SS Superstars, I got wise and played along a few more times, but saved considerable stress.  Fortunately they were good about automatically extending the Auction Date, usually for 2 months at a time.

Afterwards the Sellers stated they were disappointed and felt taken advantage of.  I again turned to Short Sale Superstars to send them examples of horror stories posted here.  I assured them that I consulted this site frequently to make the process as easy as I could for them.    I can only hope their disappointment was really related to the grief of losing their home.   

Thanks so much to everyone who participates here, especially Wendy and Bryant.  This site gave me the resources to complete my first so well. 

Permalink Reply by Wendy Rulnick on February 18, 2013 at 12:33pm

Karen - Thank you for that, we are glad you find value here!  It's also cool that you used the site info to send your sellers as "back up" material.  

Permalink Reply by Kelly Magreevy on February 18, 2013 at 6:04am

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!

Permalink Reply by Tammy Davis on February 18, 2013 at 12:24pm

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!!

Permalink Reply by Bill Sloss on February 21, 2013 at 10:26am

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.

Permalink Reply by Tara Samney on March 3, 2013 at 1:18pm

This a discussion on short sale successes. I think you posted to the wrong thread.

Permalink Reply by Bill Sloss on March 3, 2013 at 1:31pm

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.

 

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