Just When I Was Losing Hope - Gettysburg Short Sale

By
Real Estate Agent with Coldwell Banker Select Professionals

Over the past year I've entered into quite a few short sale agreements with clients whom saw a deal that was simply too good not to "give it a go."  It always feels that way, and undetermined end date with definite expectations.  All efforts are made to explain the magnitude and risks of the situation.  With risk comes reward but risk is well....risk. 

So far my short sale results have been mediocre.  I had a buyer side where the seller decided deed in lieu of foreclosure was the best option after we had a ratified contract.  Far from ideal when the buyer already spent $700 on inspections.  I had one deal go over the 6 month mark, which wasn't a big deal because it was contingent but when their house went under contract time frames were accelerated.  They opted for another house.  Everyone knows the short sale process is still quite flawed.  Agents make their best efforts to keep the deal on track and potentially realize a settlement.  Don't mistake getting to settlement as greed, but as success.  Success for the agent, the seller, and most importantly the buyer. 

So I started losing hope in short sales in general.  There has been some success, but with that success came truck loads of frustration.  The most recent short sale is with Suntrust.  They've been easy to get ahold of and deal with but time frames have remained unknown throughout the process.  My buyer and I were starting to reassess the situation and talked about looking elsewhere.  We are approaching that point of no return, that point where you start to say "we waited this long." 

Last night the listing agent received a call from Suntrust.  What's that?  Yes, a proactive call from the bank.  They laid out the details, the steps, and a more definite time line.  It's still not perfect but at least we have something positive to carry us through the end of our current agreement. 

I don't really know what I'm trying to accomplish with this blog, but perhaps it's a glimmer of hope.  If you've been patiently waiting to get to settlement it can happen.  It can happen very quickly once the ball starts rolling.  Picture a huge boulder.  It's really hard to get moving, but once it's rolling it can go pretty quick.  I'm hoping yesterdays news will translate into a settlement in the next 2-3 weeks.

 Photo courtesy of Simon Hua at www.flickr.com

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David E. Monsour, Realtor

Keller Williams Keystone Realty, Gettysburg, PA 17325

717-319-3408

David.Monsour@Gmail.com

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Topic:
ActiveRain Community
Location:
Pennsylvania Adams County
Tags:
gettysburg short sale
david monsour
short sales
short sale success
suntrust short sale

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Rainmaker
713,359
Chuck Carstensen
Minnesota Real Estate Expert
RE/MAX Results

I have heard SunTrust is very slow. Hopefully it comes together!

October 27, 2010 01:21 PM
Ambassador
2,342,625
Lenn Harley
Real Estate Broker - Virginia & Maryland
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate

No process.

No guidelines.

Mo motivation.

No expertise

I'm talking about the bankers, not agents.

We agents struggle on. 

October 27, 2010 01:26 PM
Rainmaker
249,552
David Monsour
ABR - www.realty-insights.com
Coldwell Banker Select Professionals

Chuck - We are about 90 days in so it's not horrible yet.

Lenn - Amen

October 27, 2010 01:51 PM
Rainmaker
974,067
Michael J. Perry
Lancaster Relo Specialist
RE/MAX Associates of Lancaster, PA.

We're stuck at the finish line with a 3rd lien (for $40,000) !!!! Foreclosure has been served !!!

October 27, 2010 03:57 PM
Ambassador
436,729
Larry Lawfer
"I listen for a living." It's all about you.
YourStories Realty Group

What I get from your blog David is that persistence and focus will take you as far as can be gone.  I have no doubt if it can be done, you are the man to do it. Stick with it and keep all the balls in the air.

October 28, 2010 10:29 AM
Rainmaker
249,552
David Monsour
ABR - www.realty-insights.com
Coldwell Banker Select Professionals

Mike - that is horrible to get so far only to have a third lein get in the way ughh.

Larry - As always a positive outlook.  Thanks for the confidence.

October 28, 2010 12:30 PM
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Rainmaker
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David Monsour

ABR - www.realty-insights.com
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