Hooray - we closed a short sale!

By
Real Estate Agent with Coastal Properties Group International

Agents listing short sales will probably get to closings - for agents representing buyers, it's a real long shot. We've written offers on probably two dozen short sales this year, and today, for the first time, got to a closing.

Rob (my son and colleague) worked with this buyer starting in mid-September of last year (yes, that's nearly a year ago). He wrote an offer for them on this property back in February. It wasn't until this month, AUGUST, that we had a response from the lender - who after six months of waiting wanted a closing within 2 weeks!

The Pinellas Realtor Organization recently reported that 34% of contract pendings were short sales.

Posted by

Sharon Simms
CIPS CRS CLHMS CRB RSPS
Coastal Properties Group
CHRISTIE'S International Real Estate
238 Beach Drive NE
St Petersburg, FL 33701
www.ssimms.com    www.coastalpgi.com   www.christiesrealestate.com
(727) 898-2582    Sharon@SimmsTeam.com

 

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Ambassador
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Jennifer Fivelsdal
Mid Hudson Valley real estate connection
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571

Sharon Congratulations! it feels good when we can bring closure to a transaction. 34% is a third of your pending sales, I suppose there are some great bargains in the area.

 

August 28, 2008 08:21 PM
Ambassador
2,365,148
Patricia Kennedy
For Your Home in the Capital
Evers & Company Real Estate, Inc.

Congratulations, Sharon!  And  34% is a whole lot of short sales! 

August 28, 2008 09:04 PM
Ambassador
1,801,586
Jeff Dowler CRS
Carlsbad CA Homes for Sale (760) 840-1360
Solutions Real Estate

Bravo, Sharon. That sure is NOT encouraging for buyers who are themselves trying to close on a short sale. But at least it happened.

Jeff

August 28, 2008 09:19 PM
Rainmaker
536,368
Lynda Eisenmann
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co
Preferred Home Brokers

Hi Sharon,

Ditto on your comments about waiting then the lender wanting an immediate closing. We had the same thing happen, offer submitted in Jan. just heard the other day (it was a fluke because the lender sent the contract to the wrong office) and they wanted it closed by the end of this month.

August 28, 2008 09:23 PM
Ambassador
1,265,153
William Johnson
San Diego Real Estate Voice, GRI CRS e-Pro CDPE
RE/MAX Associates

Hi Sharon, Congratuations to you and your son. I closed my first ( hopefully last) SS two months ago. I have a buyer contemplating one and can only hope they change their mind and select something else. 

August 28, 2008 11:06 PM
Rainmaker
484,789
Chris Griffith
Bonita Springs Fl Real Estate
Downing-Frye Realty, Bonita Springs, FL

Good for you, Sharon.  I just wrote an article on short sales and how miserable they are.  I was told it was sent to Senator Aronberg!  Maybe someone will eventually listen about how screwed up the system is.

August 29, 2008 06:39 AM
Rainmaker
908,080
Bill Gassett
Metrowest Massachusetts Real Estate
RE/MAX Executive Realty

Good morning Sharon. Congrats on you short sale closing. I know they are a pain in the $#@. I have a couple right now that I am waiting to hear if the bank will accept. Keeping my fingers crossed.

August 29, 2008 07:37 AM
Rainer
214,962
Lisa Friedman
Central New Jersey Real Estate
Alliance Realtors

A two week closing after six months?  That is really crazy! 

August 29, 2008 08:21 AM
Rainer
139,370
Harold "Hal" Place
A1 Connection Realty, Inc.

Morning Sharon,

Congratulations on closing the short sale. Hard to believe that a home buyer would wait that long for an answer. Bankers sure have a lot of moxie, make the buyer wait six months then require them to close within two weeks.  It would serve them right if they were to get stuck with all the delinquent properties.   Bankers of this category are the epitome of arrogance.

August 29, 2008 08:21 AM
Rainmaker
605,639
Sharon Simms
St. Pete FL - CRS CIPS CLHMS RSPS
Coastal Properties Group International

Jennifer - thanks. Yes, a third of contracts pending is large. It would be interesting to compare the contracts to closings, though.

Pat - yes, a WHOLE lot.

Jeff - yes, we include a session on Short Sales as part of our initial buyer interviews.

Lynda - you'd laugh if it wasn't so sad.

William - we're with you. We have to show them and hate to make offers on rhwm.

Chris - you can't help but think about this process when you read about banks in trouble.

Bill - good for you. Hope your clients have the patience to wait...and wait...and wait.

Lisa - crazy, but true.

Hal -maybe arrogance, maybe ignorance.

August 29, 2008 10:58 PM
Rainmaker
163,075
Susan Milner
Cape Coral Real Estate Broker, FloridaFutureAgents
Florida Future Realty, Inc.

Congrats on the PATIENCE. I had a bank come back to me with an approval to expire in 2 days. Crazy. I called them up and couldn't of course reach anyone, all of the extensions were changed, seriously. I faxed and called more and finally received an approval good for 30 days. Short sales are fun ;)

August 31, 2008 06:39 PM
Rainmaker
605,639
Sharon Simms
St. Pete FL - CRS CIPS CLHMS RSPS
Coastal Properties Group International

Susan - I admire you for being on the top list of short sale closers for your area. It's a crazy world out there!

August 31, 2008 06:53 PM
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Sharon Simms

St. Pete FL - CRS CIPS CLHMS RSPS
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