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Just closed a very difficult Short Sale

May 19, 2012

Wanted to post about the short sale that I just closed….we encountered every possible hurdle!

At the beginning we waited for the bank to approve the purchase price. The agents worked at getting disclosures & forms signed….it honestly takes 2 agents (selling & buying side who REALLY care about getting the home sold, to get this done!) Moved lots of paper for the buyers & sellers.

The first hurdle was the amount of past due HOA dues….we were able to negotiate & pay a partial amount and thankfully, the HOA approved the settlement….then they gave us a date to close by.

The buyer’s lender’s underwriter had really tough requirements. They wanted details on any deposits, other than payroll, they also wanted the spouses signing off – this was a father-daughter purchase – notarized documents, etc.

We were approaching the HOA’s close date and had to request an extension, they reluctantly agreed to give us 7 days and we were able to close in time…..HOA’s can be a very daunting factor in a short sale…make sure your Realtor has all of the facts (past due fees, timelines, etc)…they tend to have a King complex and want to run the deal when they should be doing everything they can to help the transaction close…..doesn’t make any sense – but that’s what we’re dealing with in today’s market.

During the entire process we were at the mercy of the bank’s system – and it depends on your bank. Some banks will pay towards past due HOA fees, some won’t….we had other personal issues in this transaction but this gives you a view of what it takes to get a short sale CLOSED!

I now have very happy new homeowners in a home that was empty for months & needed a lot of attention. They’re happy so I’m happy 🙂

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From → Buyers, Sellers

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