Short Sale - Finally Closed After Nearly 15 Months! HOORAY!

By
Real Estate Broker/Owner with M & M Realty of Brevard Inc. BK629999
This house finally sold to the second buyer, after he waited for over 7 months. We had a first buyer that waited for several months and then decided to walk. The second buyer made his offer and the short sale lender wanted nearly $4000 more money. We told them that we could be looking at an appraisal problem at a higher price. The short sale lender wouldn't budge, so the buyer reluctantly agreed to go up the additional money. Sure enough the buyer's lender indicated that the house was not worth what the short sale lender wanted. It appraised for the price we indicated it would. So, we asked the short sale lender for an adjustment to value, as we are in a declining market. After many months, we finally got it. The short sale lender ordered another VA appraisal (seller had a VA loan). The short sale lender came back at the price we told them that the house would sell for. We closed yesterday after 15 months and 2 buyers, and so much wasted time and money!
Sandy Shores, Realtor | M & M Real Estate, Inc | 321-253-4545
3012 Chica Circle, West Melbourne, FL
2005 Built situated in area of well maintained homes. This home is being offered as a short sale.
3BR/2BA Single Family House
offered at $127,995
Year Built 2005
Sq Footage 1,865
Bedrooms 3
Bathrooms 2 full, 0 partial
Floors 1
Parking 2 Car garage
Lot Size 5,662 sqft
HOA/Maint $19 per month

DESCRIPTION

Stunning home! Eat in kitchen with breakfast bar! Beautiful master suite w/garden tub and separate shower! Light & bright! Neutral colors! Living, dining,family room w/ office area. Rented security system! Inside laundry room! City water and sewer. Sprinkler system! Termite bond w/ pest defense tubes in walls! Great central location just minutes to beaches, shopping, schools, churches, the mall and I-95!
Directions: From 192, south on Dairy Road to right (West) on Tortuga (into Fairmont subdivision) then left (south) on Chica. Follow around to 3012
Stunning home! Great central location!

see additional photos below
PROPERTY FEATURES

- Central A/C - Central heat - High/Vaulted ceiling
- Walk-in closet - Tile floor - Family room
- Living room - Office/Den - Dishwasher
- Refrigerator - Stove/Oven - Microwave
- Laundry area - inside

ADDITIONAL PHOTOS


Great Location!

Eat in kitchen

Kitchen w/ breakfast bar

Living room

Family room, den

15 min. to beaches
Contact info:
Sandy Shores, Realtor
M & M Real Estate, Inc
321-253-4545
For sale by agent/broker

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Posted: May 11, 2010, 9:58am PDT
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Sandy Shores, Broker   

Melbourne Real Estate

M & M Realty of Brevard, Inc. 

Residential, New Construction, Relocations & Investment

Brevard County FL Real Estate 18 Years

Brevard County FL Resident 39 Years 

Serving Melbourne, Palm Bay, Suntree, Viera, Rockledge, Cocoa,  Merritt Island, Titusville, Cape Canaveral, Cocoa Beach, Satellite Beach, Indian Harbour Beach, Indialantic & Melbourne Beach

___________________________________

321-253-4545 or 321-254-2964

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Rainmaker
1,950,605
Roy Kelley
Retired Real Estate Broker, Maryland Blogger - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Congratulations and best wishes for continued success!

 Spring is blooming for home buyers in Maryland.

May 11, 2010 02:13 PM #2
Rainmaker
313,994
Ernie Steele
Berkshire Hathaway HomeServices Homesale Realty - Lebanon, PA
Lebanon, PA Real Estate 717-273-3774

Did it take 15 months to close or is that including listing time?...Enjoy the day!

May 11, 2010 02:14 PM #3
Rainmaker
358,479
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Good for you Sandy!!!  You are a patient person and that is great that you and your second buyer were able to stick with it and see things through to the end.  Well done!  How much for a home in your area with a view like your last picture?   ^_~

May 11, 2010 03:21 PM #4
Rainmaker
681,727
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Uggh!! How frustrating.  It will be a great day when these short sales finally wind down to an end.  You must have the patience of Job. Hard to believe your sellers actually hung around that long.

May 11, 2010 03:28 PM #5
Rainmaker
399,788
June Tassillo
Owner/Broker RE/MAX Elite Realty - Franklin, NC
Let me help you with the next phase of your life!

Wow...   that is a lot of time and money wasted! Hooray is right and you deserve more than your commission.  Some folks think this is a piece of cake selling a home in today's market.

May 11, 2010 03:52 PM #6
Rainmaker
510,529
Mary Douglas
United Country Ponderosa Realty - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

15 month is a long time Sandy!  Congratulations on finally getting it closed and congratulations to the patient buyer and sellers too!  I'm surprised you still have hair :-)

May 11, 2010 04:32 PM #7
Ambassador
1,169,471
Paul Henderson
RE/MAX Professionals. - Tacoma, WA
I always put my clients first in any transaction!

Good for you girl. I just had a short sale fall apart after just 3 months. This was painful for both me and my buyer !!!

May 11, 2010 06:29 PM #8
Rainmaker
247,873
Paul Peck
Peck Drywall and Painting serving Brevard County, Florida - Melbourne, FL
Licensed Drywall and Painting Contractor

That's great Sandy.

-Paul

May 11, 2010 08:37 PM #9
Rainmaker
384,961
John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana

Sandy you did your job it's a shame they didn't listen to you.  Keep up the good work.

May 11, 2010 09:19 PM #10
Rainmaker
1,132,540
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Sandy - I am certain 15 months has to be some kind of a record - even for a "short-sale."  Congratulations on your fortitude and perserverance, which I am certain it took a lot of, to achieve a successful close.

May 11, 2010 09:58 PM #11
Rainmaker
146,482
Caren Wallace
Premier Property Group LLC - Tualatin, OR
Portland Caren Real Estate

Sandy, that is great news! Perseverance pays off! Those palm trees really make me long for the beach! Our weather has been very rainy and I am really tired of it!

May 12, 2010 07:50 AM #12
Rainmaker
507,166
Kevin J. May
Hobe Sound, FL

I won't even attempt to figure out my hourly fee on these.  Haven't had one go that long but have heard 26 months as one the longest here.  Tenacity, that's what you've got, great job Sandy!

May 12, 2010 01:48 PM #13
Rainmaker
725,004
Debbie Walsh
Keller Williams Realty - Middletown, NY
Hudson Valley NY Real Estate 845.928.8000

Congrats Sandy!  Time for the party!

May 12, 2010 03:45 PM #14
Rainer
144,681
Vienna Bello
Liberty Realty, LLC - Hoboken, NJ
GRI, SFR, Realtor Associate, Notary Public

Sandy Shores... that is the perfect name for a Florida real estate agent! LOL

I have a short sale pending since January... Bank of America has pulled so much crap... from LOSING the paperwork... to needing their NEW standard forms filled out... a 3rd BPO was done this week... my buyer is so anxious but being so patient... I feel so bad for him. 

I don't understand why it was approved previously for another buyer who offered LESS money... oh and the 2nd mortgage already approved it... In February! 

So frustrating...

CONGRATULATIONS!  On to the next... LOL

Hey... How far are you from New Port Richey, FL??  I may have a referral for you....

~ Vienna

May 13, 2010 08:24 AM #15
Rainmaker
1,818,929
Gabe Sanders
the BlueWater Realty team specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Way to hang in there Sandy.  15 Months is a long time for a buyer to hang in there.

May 14, 2010 07:44 AM #16
Rainmaker
193,865
Tony Orefice
Wilkinson and Associates/www.TonyOreficeRealtor.com - Harrisburg, NC
Realtor/Harrisburg NC,Concord NC

Hey SS!

I still can't believe how long a short sale can take to close!!! There has to be a better way!

PS- nice house!

May 14, 2010 12:27 PM #17
Rainmaker
620,771
Sandy Shores Broker, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County FL Real Estate

Melissa, Yes, this one was full of drama - 2 buyers, 2 short sale negotiators and 2 VA appraisals ordered by the sellers VA lender. It dragged on forever.

Roy, Thanks for the well wishes.  They are greatly appreciated.

Ernie, We got the first buyer that hung around for a couple of months, got an approved price, the buyer walked. Then we kept getting interest in the property but not near the previously approved price. Then finally got the second buyer who waited for over 7 months for the short sale lender.

Bruce, The buyers agent and the buyer in this transaction were both wonderful to work with.  That helped so much. You asked how much for a home with a view like the last picture...good question.  It's beautiful, isn't it?  So many different variables to take into consideration.  If it's a townhouse or condo could be anywhere from $350K to over $600K.  For a home, it depends on the size and age of the home, could be anywhere from $500K to over a million.

 

May 18, 2010 12:25 PM #18
Rainmaker
620,771
Sandy Shores Broker, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County FL Real Estate

Rob, It can be incredibly frustrating.   The sellers were relocated to another state and had purchased another home, so they were amicable in getting this one sold.  It helped that they weren't sitting around here waiting for the short sale to be finished.

June, It was a lot of time and wasted money.  These short sales shouldn't be taking this long. I hope with the new laws we see a drastic change in the time frames they are taking to get to closing.

Mary, All parties were patient, that's the only thing that held this one together.  I have a good bit of my hair sitting in a glass jar on my desk.

Paul, It can be painful when you lose a buyer. We lost the first buyer on this one. But, we gained a second buyer that hung around for the long haul.

Paul, Thanks, I appreciate it.

 

May 18, 2010 12:30 PM #19
Rainmaker
620,771
Sandy Shores Broker, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County FL Real Estate

John, Unfortunately the short sale negotiators play by their own set of rules, whether they make sense to the rest of us, or not. It is what it is.

Myrl, 15 months is ridiculously long, isn't it?  I don't know why the short sale lenders choose to drag their feet. They are losing so much money every single month on these properties.

Caren, Thanks - sometimes you just have to hang in there.  Lots of rain for you, uh-oh.  We haven't had very much. Lots of threats for rain, but very little overall.

Kevin, It would be depressing to figure the hourly wage on this one, wouldn't it?  I have to get it to closing to recoop my expenses and my losses.

Debra, Bring it on - a party sounds like a wonderful thing right about now.

May 18, 2010 12:34 PM #20
Rainmaker
620,771
Sandy Shores Broker, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County FL Real Estate

Vienna, These short sales can be incredibly mind boggling sometimes, can't they?  We just have to hang in there and be patient.  And if we've got the seller, we've got to call the short sale lender regularly and be nice. The squeaky wheel does get the grease.  I wish I could tell you that I'm near the New Port Richey area, but it's out of my area. I'm in Brevard County.  Thanks for considering me for your referral.

Gabe, Thanks. This buyer was incredibly patient and he was working with a great agent. I was surprised that he hung around as long as he did.

Hey TO, I agree - I can't believe how long a short sale takes either. As I mentioned previously, I hope that the new short sale guidelines help alleviate some of the long wait times on these properties.

 

May 18, 2010 12:41 PM #21
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