There is nothing that pleases a Bristow Short Sale Agent more than being able to tell the world about another successful settlement of a Bristow Short Sale. Just two days left in the year 2010 and this Bristow Short Sale settlement went off with barely a hitch.
It all started two months earlier, on October 1st, when this Bristow single family home in Linton Crest hit the market priced at $425,000. Before the end of that first day on the market, we had a full price offer. My Sellers had that offer and several others to choose from. They naturally chose the full price offer, that also gave them a 90 day window to obtain Short Sale Approval from Bank of America (1st trust) and Wells Fargo (2nd trust.)
Just as things were moving along closer to approval with Bank of America and we had a good read on where Wells Fargo was headed with the terms of their own approval, the Buyers got cold feet. They wanted out of the deal. As any Short Sale Agent knows, within a couple days of hearing that, you are guaranteed to get Short Sale Approval. And we did! Only now, we were off with our back-up offer and starting over with Bank of America. Wells Fargo let us keep our same negotiator and just send in the new contract.
The back-up offer, interestingly enough, was an offer that came in two weeks after the first contract was ratified. None of the offers in the multiple offer scenario had wanted to be in back-up position. Their loss. The back-up offer had been a few thousand shy of the amount wanted by Bank of America. So the new Buyers rewrote their offer and our new contract was dated November 4th.
Within one month we had Bank of America's approval and Wells Fargo's approval terms verbally. The Buyer's began their loan processsing and did the home inspection, all with the goal of hitting our December 30th settlement date, as proposed by Bank of America. By mid-Decmeber we had Wells Fargo's approval letter in hand.
The only glitch we faced was the Buyers' lender (Bank of America) having underwriting staffing problems so close to the holidays. A few phone calls and another underwriting staff for Bank of America stepped in and pushed it forward.
This Bristow Short Sale sold for full list price of $425,000 with no closing cost assistance to the Buyers. The Sellers are thrilled and the Buyers are pleased to have a brand new place (in great condition) to call home for the New Year.
Chris Ann Cleland, Associate Broker-Licensed in VA
Long & Foster REALTORS®, Manassas, VA
The opinions expressed in this post are those of Chris Ann Cleland, not those of Long & Foster REALTORS®.