December 21, 2011 I sat in the kitchen at this house and signed the listing with the seller. This was going to be shortsale listing and we expected a few bumps. I prepared the seller for a 6-8 months process. The seller had a Bank of America loan and we all knew this bank was as slow as a snail in processing shortsale offers. We received our first offer but of course it was rejected by the bank. Now a 2nd offer comes in CASH no broker fee and no closing cost. I figured we would have an answer pretty quick and prepped the seller for a move.
Tick toc, Tick toc, Tick toc, Tick toc fast forward a YEAR. I move companies twice, I have a baby who is now a toddler. We finally get full approvalto close and now the buyers needs time to process his loan. We asked for one more extension and finally closed. It still amazes me this sale finally made it to the closing table.
2/21/14 It CLOSED !
I know there is not much details in the story but there is not much to say except we updated loan docs, financials, appraisals time and time again. Im grateful I had a seller who did not give up and a buyer who was willing to wait. LESSON LEARNED never give up, and keep all parties informed!
If your a seller looking at a potential shortsale dont give up hope. Until the home is “taken” from you there is always hope to get it closed. 60-70% of what I do are shortsale listings. I have learned there is nothing 100% from the contract to the bank to the buyer. This is an ever changing process and all you can do it ride the coaster and take deep breaths !