Sunday, April 11, 2010
Short Sale from H.E. Double Hockey Sticks
I got this listing about March of 2009. The value of the home then was about $209k. I got it under contract and verbally approved by the bank (Taylor Bean & Whitaker). Then when I was working on getting that in writing something strange occured: TB&W's phones weren't working. I called and called for a week and nothing. I checked their website and it informed me that TB&W was going under and my clients loan was going to be sold. For a few months I called the various banks and they all said "we don't have that loan yet". They said it could take some time to get all the files transfered. After a few months of the loan being in limbo I finally found the loan at American Home Mortgage. By this time Winter was fast approaching. All of the calls I made were just to inform the bank that the home was vacant and that it needed to be winterized. They did nothing. The end of December a pipe broke or something and the whole upstairs and part of the downstairs was flooded. When I told the bank that the home had flooded they FINALLY sent someone out to winterize it. A little too late! The value of the home dropped to about $150k. I advertized the new price and got a ton of offers. We took the best one to the bank and I wish I could say that a few days later we closed. But NO, that didn't happen. It took about a month for the first mortgage to approve the offer, then it took a month and a half for the second mortgage to approve the short sale. All the while I was jumping through hoops that the banks were requiring. The buyers were threatening to move on and their agent followed up with me almost everyday. So many times I thought that this deal was going to die. After a year of slavery the banks approved the offer but only after they cut my commission! Maybe I should get a job at McDonalds....I'd get paid more. LOL! Naw...I love my job too much and there are a lot of people out there that need help with their short sales. Rachael the Realtor to the Rescue!
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1 comment:
You rock, Rachael!
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