Listed 10 Days Before Sheriff Sale. Closed!

Everyone once in a while the Short Sale Dietys -- don't get a big head Mike - smile down on us normal folks.

I listed a house only 10 days away from the sheriff's sale and we took it head on. On Friday, we dropped to the "magic" price and had 30 showings and nine offers by Sunday night. Went into contract on Tuesday, signed documents to lender Wednesday, and short-sale approval on Thursday -- contingent upon them being able to contact the Ohio foreclosure attorney to get the sale for FRIDAY postponed.

With such a short-time the preliminary title search came in at the same time as the signed offer. Seller had "inadvertently" forgot to mention a $15,000 tax lien. Whole thing comes to a screeching stop only to have the bank agree to a reduced amount to pay off the seller's tax lien.

We closed 14 days later than expected, but it closed. Just a reminder that occassionally these short sales work out -- and we can all get some smiles for the hard work we put into them.

Keep your head up and fight on!

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Comment by Joseph C. Alfe on May 13, 2010 at 5:54am
It's amazing what happens when you do things the right way. I hope the lightbulb went on for you. You should list ALL your shortsales at the "magic number" and get multiple offers immediately. Then you get to pick the strongest buyer, which means the bank pays attention, which means you close faster....
Comment by Kevin Vitali on May 11, 2010 at 6:08pm
That is great Toby. I listed a short sale with in 14 days of the auction and received short sale approval. Not as quick as you though on the approval. I should close on the property next week. It is very stressful to the homeowner, I wish they wouldnt wait until the last minute to call us!!
Comment by Toby Boyce on May 10, 2010 at 11:07pm
I took the NAR Short Sale & Foreclosure Resource course and the instructor was pretty much stating "The more I do this Toby, the more I understand what a major responsibility we have to the homeowners we work with." the exact same thing.

He was talking about how the "big wigs" are starting to clamor that real estate agents are practicing law when they work with a seller in short sales. During the Ohio Association of REALTORS winter conference, the Director of Commerce flat-out said we were in a gray area.

However, here's where the problem comes. There is NO guarantee of money in this transaction. So nobody else wants to take this on. We - agents - are the only ones assisting these sellers and trying to assist them.

It is a sad state on our entire system.
Comment by Mike Linkenauger on May 10, 2010 at 11:07am
The more I do this Toby, the more I understand what a major responsibility we have to the homeowners we work with. While going through massive disappointments and repetitively banging our heads against the wall, there is always the occasional miracle we can help facilitate in a desperate homeowners life that gives us the fuel we need to keep going!!

To the homeowner you helped out of a desperate situation, YOU are a "short sale diety"!

Short Sales are not for the faint of heart or those who are not fighters!
Comment by Toby Boyce on May 10, 2010 at 10:25am
Thank Mike. Figured you'd get a kick out it. The only thing I forgot to mention was this was a Short-Sale Network referral!

Thanks Andrew. Sometimes we see the trees that we keep bashing our heads against and occasionally there is a nice path through the woods.
Comment by Andrew Thurber on May 10, 2010 at 10:07am
Wow! Great story Toby.
Comment by Mike Linkenauger on May 10, 2010 at 8:13am
I heard short sale diety... lol

Its always an awesome testimonial when you can save somebody from a foreclosure so close to the sale date! You will likely get MANY referrals from that seller!

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