The first short sale I did 8 years ago was a breeze. Really. I know "short sale" and "easy" don't usually go together, but it really was a piece of Christmas cake. It was a homeowner who'd been laid off by American Airlines, who had been re-hired part-time, then went back to full-time, but in the meantime, he got about 9 months behind on his house payments and a foreclosure was eminent.
Very short and not-so-sweet letter of hardship down in about 30 seconds and we were off... The homeowner signed a listing agreement with me around mid-November and within days I had an investor I knew making an offer on their home that was in need of repair and had a lot of deferred maintenance issues. The offer was reasonable for the condition and the terms were great -- a cash deal, as-is, to close as soon as Wells gave the green light. Would you believe that green light came just shy of Christmas? It was a 5-6 week deal from listing to closing and it was my first one ever. Merry Christmas to me and two consumers! So how did it go so quickly and so smoothly? I don't know. But this is what I remember...
I remember doing the following day one: (1) Listing agreement, (2) Letter of hardship, (3) 3rd party authorization for the bank to speak to me on the behalf of the homeowner, complete with loan #s and signatures of sellers, (4) Pictures of the property inside and outside spelling out the deferred maintenance problems, (5) a CMA, (6) Proof of hardship, i.e. 2-3 months bank statements with no deposits from no income or limited income like unemployment income and/or 1-2 years W2s or med bills, (7) Proof of MLS advertising, and, it's best if you also, (8) Have an executed contract subject to bank approval of a short sale. But that often comes later than day one.
As Christmas approches this year I am remembering some of those fantastic sales I was blessed to be a part of and remembering what this job is really all about. Yes, I don't mind the money that helps buy my kids' Christmas presents! (Or pay my property taxes also due now!) But the heart and soul sales are what I remember over the deposit any day of the week.
If you or someone you know is behind on their house payments, needs to sell, but has no money to pay for the sale, no proceeds, no equity, can't afford the brokerage commission, I am happy to help, anyway. Honestly. Call me. We can work something out that will allow them to not only look forward, but move forward.
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