The Short Sale Approval Was the Easy Part – It Was the Mortgage Broker…

This listing was a short sale. This one was a wild ride till the end! The buyers competed for this home in a multiple offer situation and truly went into contract for $256k. Although, this was a market value price and buyers willing to pay this price and maybe more, since the market was in a change mode a few months back, there were truly no recently sold comparable homes to sustain the value, so when it was appraised, it truly appraised quite a bit lower.

Well, that’s no good, so we went back to the bank that was making the decision on the short sale and got them down to the price of $230k, which was exciting, because we knew this home was worth well more than that price, but just didn’t have the recent comparable homes obtainable to sustain the appraisal.

So, all that was great, however, the loan was another story in that the lender was just a nightmare, initially she went on vacation for about 3 weeks out of the country and didn’t already tell us, then she decided to change companies in mid transaction, acted like she took the file with her, come to find out, she did not take the file with her and while we were trying to close this transaction, she was asking for paperwork the buyers had already given her months back all over again. She was literally asking for paperwork almost every day until basically the day before closing day.

And, she was extremely cocky and always assured the buyer and myself that it would be NO problem to close by the end of August, which was the expiration date of the short sale approval, and then as that date came closer and closer, it not only did not happen, but she basically started from scratch with her new company to close this deal.

Luckily, the bank approving the short sale cooperated with us closing 11 days LATE. So, for this short sale transaction, the buyers got a killer deal, basically ALL due to the issue with the appraisal and without of recent comparable sold homes like it! They absolutely got this home for under market value, a good $25k-$30k under market value.

Now, they are VERY happy homeowners and moving in this weekend.

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