Miracles Can Happen - Even in Short Sales - 15 Days from Submission to Close!

By
Real Estate Broker/Owner with Heart Realty Group, Inc.. IL-471.002355

We all have a listing that seems to linger.  Despite over 30 showings this 2 unit just could not get an offer.  Yes, it needed work and the fact that it was vandalized while I had it listed did not help.  I continued to drop the price but after the initial interest no showngs for weeks until the next price drop.

But as they say there is a buyer for every home, we finally had  an offer.  Cash since with the all the repairs and the low price finding a mortgage would have been an even harder hurdle to jump. 

2 Unit

 

I was not looking forward to the final obstacle, this was a short sale but not only a short sale, it was an investment property!

I prepared the over 60 page short sale package.  I included current comparables, market trends and an overview letter indicating the seller's current situation, no job, a primary home he was trying to keep, a home that needed extensive repairs and all the  backup documentation that the lender required.

Was I ever surprised when after only a few days, I received acknowledgement that they had received the short sale package.  I called to confirm and was surprised when I actually spoke to someone within a reasonable amount of time.  They told me that everything was in order and that I should be getting an approval letter ins a few days...a few days?  Well needless to say I was SHOCKED!  Perhaps I had heard incorrectly...I asked again and again the answer was the same.  Hanging up I was totally confused.  Perhaps, the had misunderstood me since they were not in the States.  I had heard that OCWEN, the lender had outsourced their short sale center out of the country.

I called the 2nd day and after talking to the 1st agent I asked to speak to a supervisor who told me that I had heard correctly.  The short sale was APPROVED!  The approval letter would be sent in a couple of days.  Amazed, I was really dazed by the news.  Everything I had read on the internet on the various short sale groups I belonged to had prepared me for a long and protracted negotiation.  What had happened?

Is it possible that a servicer had vinally seen the light?  That common sense had finally made ito the banking industry?  I don't have the answers to this but all I can say is - believie it...There is hope...someone finally has figured out to streamline the process and make it work for everyone.

 

Following is my log on this transaction:

8/4/2011   Faxed short sale package to Ocwen
8/8/2011   Received fax and email acknowledgement from Ocwen
8/10/2011   Spoke to customer service agent who said short sale is APPROVED!
    Should be receiving information indicating approval in next few days.  Will inform all parties once approval letter is received with instructions.
8/11/2011   Called to confirm status.  Spoke with with 2 different agents.  Both say its approved.  Short Sale approval letter will be sent in next few days!!!
8/12/2011   Short Sale Approval Letter Received.  Instructed attorney to set closing date as soon as possible
8/15/2011   Closing set for Friday the 19th at 2:00 p.m.

So, keep on doing short sales.  Keep fighting the good fight.  Perhaps, this will catch on with all those tough servicers, PNC Mortgage, Aurora Loan Servicers, SLS, Bank of America, Wells Fargo, etc. etc.  Yes, fellow Realtors, miracles can happen, even when doing SHORT SALES!

If you are considering a short sale in the western suburbs of Chicago, give me a call.  I can't promise a miracle but I can promise that I will do everything possible to make it a success.

Posted by

Evelyn Santiago

Managing Broker - 630-251-0059

Heart Realty Group, Inc.

We are Passionate About Real Estate!

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Rainer
287,175
Dan Hopper
RE/MAX Alliance, www.danhopper.com - Westminster, CO
Denver Realtor Advocate/Short Sale/Loan Modificati

Fantastic job, Evelyn.  Yes, every now and then we get a bank negotiator that does a very good task of getting a file of their desk in a timely manner.  But, it all starts with the complete package we present to the lender, and a nice cover letter that will explain the highpoints of this short sale offer, identifying the NET to the lender, right up front in that cover letter.  We like to provide a description and costs of repair and/or replacement of items that need attention in the property with our short sale package, too.  Also, This is provided to the broker or appraiser doing the BPO or appraisal.

Aug 17, 2011 11:17 AM #1
Rainmaker
184,399
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

Thanks Dan for the kind words.  Yes, I agree that an overview letter giving the highlights really helps to make it easier for the negotiator to make a decision.  I asked them how they were able to make such a quick decision and the agent told me that they had "short sale teams".  Funny, I thought all the servicers ahd these but they still don't make common sense decisions.  Instead, they spend time nickle and diming homeowners and realtors, trying to get that last ounce of blood!

Hopefully, this is a new trend that will catch on!

Aug 17, 2011 11:22 AM #2
Rainer
19,879
Jerry Hill
Hill Realty - Bryant, AR

Evelyn, thanks for sharing your short sale success.  Most of the stories that I have heard about short sales are quite the opposite.  It is good to know that some lenders pay attention to the property and try to be flexible and timely in responding to an Offer.

Aug 17, 2011 11:25 AM #3
Rainmaker
184,399
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

Jerry:

Believe me I am as surprised as everyone else.  Unlike the other short sales that I have, I really thought this one would take a lot of months to get to close.  The ones that I think should be slam dunks are turning to have twists that I never anticipated.  Short sales are definitely not for the weak of heart.

We need to get out the good stories out as well as the horror stories to give everyone some HOPE!  Thanks for the comment!

Aug 17, 2011 11:38 AM #4
Ambassador
881,063
Larry Bettag
Larry Bettag - Cherry Creek Mortgage - Saint Charles, IL
Regional Vice-President

Kudos to you.  Even the best of the best need to get some miracles now and then.  Should be a lot of fun. to have those sorts of victories.  Good story!

Aug 17, 2011 03:55 PM #5
Rainmaker
184,399
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!
Larry, thanks for your comment. It definitely helps when we get one that doesn't cause you to stay up at night or have nightmares because the banks are being unreasonable. Hopefully this will be a growing trend and we can get some of this inventory out of the way.
Aug 17, 2011 05:25 PM #6
Rainmaker
730,315
Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com
NMLS #216987 - New Lenox, IL
708.921.6331 - 37 yrs experience

Congratulations on a job well done, Evelyn!  Of course this proves that having the right agent that is well-educated and prepared in short sale transactions makes all the difference.  Rush over to that Italian restaurant you like and celebrate!

Gene

Aug 17, 2011 09:32 PM #7
Rainmaker
184,399
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

Gene:

Thanks for the kind words.  Until I have the closing I try not to anticipate the commission.  It seems the easier ones can throw you something at the closng table.

Hope this is a growing trend and other ervicers follow the lead that Ocwen started.

 

Aug 18, 2011 08:45 PM #8
Rainmaker
130,076
Rhonda Burgess
Southern Living Realty Partners - Smyrna, TN
Murfreesboro Homes & Nashville HUD Home Specialist

Congrats on getting it done so quickly. 

Aug 23, 2011 12:02 PM #9
Rainmaker
184,399
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

Rhonda:

Thanks for the kind comment.  It was great getting one done at least.  Now if I can only close the other ones that are pending before my next birthday...

 

Aug 26, 2011 12:39 PM #10
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Rainmaker
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Evelyn Santiago, Managing Broker Heart Realty Group, Inc.

Passionate About Real Estate & Our Clients!
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