Today is gonna be a good day Tater!
Today we (The Chenore Real Estate Group and Transfer Title) close a short sale that, from initial contact with my seller to today…Is nearly 2 years old! The process of actually LISTING the house took nearly 8 months. Why? The seller, who lives in North Florida and owns 5 other homes (rentals) was very nervous about what the ramifications of a short could do to him. He had visions of liens being attached to some of his other houses, thoughts of the bank attacking his accounts…Judgements, etc. Many of these are “old” concerns at this point in time…Banks are not reacting like that any more!
The process of gathering all documentation needed for a short was long as well. Bank statements, hardship letter, tax returns, pay stubs, P & L, took a while as well. Short sales, for the seller, initially are overwhelming in what’s needed to configure the file.
The actual SELLING of the house (and our seller was initially upset at the list price we gave the house-he thought we were under pricing it) was rather quick. We needed 3 extensions from the buyer and the approval from the sellers lender was initially issued incorrectly! Yes! They actually completed a financial work up on the home my seller LIVES IN up north! They thought THAT was the house we were attempting to sell short! They even did a drive by BPO on THAT house! What a CF!! Once we got that cleared up…the process was smooth! When you have a team, all working to a common goal and all very competent at their respective jobs…Good things happen!
Today we close. NO cash settlement, no judgement, full release of liability…It doesn’t get much better. Short sales are closing more frequently now. Banks dont like the lengthy foreclosure process…Sellers need to take advantage of the market right now, just like this one did!!