Transaction complications are not strange to a short sale purchases. You know that a short sale is a lengthy process to start with right of the gate. I've worked on complicated short sales before and complicated Real Estate transactions but this one beats them all. A few months ago I closed a short sale after one year of negotiations with GMAC actually 14 months to close that deal, issues all the way to the closing table. I'll make it short and sweet I began working on this deal in May 2008 with an initial offer of $225,000 after submitting the initial complete package "financials, hardship letter, net sheet, contract, BPO, approval letter, prove of funds, etc." to the mortgagee waited approximately a month for a response. After the second time on the phone with the lender they decided to order their own BPO one of many they will order thru the process. So the agent that takes the order from the valuation company comes from south NJ the home is located in Paterson Passaic County; this fellow agent don't know a bit about the current market or the neighborhood that he is working with. After numerous calls to the Lender and days later after they go the BPO the lender gets back to me with a counter offer of $325,000 wow. Mind you this was at bottom of the market here in Paterson homes were selling for $50,000 all day.
The home is located in a not so desirable neighborhood, well to make more clearly urban disaster or better yet in middle of the ghetto. Clearly the home is not worth what the lender is asking for so I go to battle with the lender, now going back and forth days go by weeks go by and months. I pull all the stops on this providing area information including aerial maps, neighborhood statistics and more. After months of haggling the lender orders another BPO once we go thru the waiting time they get back to me that they will adjust the counter offer to $260,000. Not happy with their counter offer we get back to them with a final and best of $235,000. Hmmmm I felt a nibble on the line follow by a hard tug TIME TO SET THE HOOK. Well at this time we have deal great NOT SO SOON. By the time we got to that point the buyers commitment had expired, the lender went out business now the buyer had to start from zero. It gets better by the time we got the lender to accept the deal FHA and most lenders had change the credit score guidelines and the buyer fall off the tree. Not giving up we got to bat for the buyer and after a few months and extensive work we found him a lender that will do the deal. After we identified the new lender it took a few months for them to commit on the deal. In the mean time I had the sellers breathing down my neck, the Attorneys and everyone else. Stress levels were soaring on everyone, towards the final stretch I talking about days from closing I get a call early in the morning; the closing was set for a Wednesday and I get the call the Friday before that the buyer was hospitalized for heart problems. Talk about a tense moment during this transaction, so as soon as I was able to I go to the hospital to visit and offer moral support "Mr Client please don't die on me yet please wait till you close this deal" well the good news is that he is ok the deal closed and he already moved to his new home.
Pablo Lopez, BROKER/Owner
CRS®️, ABR®️, SFR®️, ePro®️, RES.NET REO Certified
Recipient of NJAR BRONZE CIRCLE OF EXCELLENCE AWARD 2013-2017
ALLIANCE Home Sales of New Jersey, LLC.
3-5 Village Square East, Suite #3
Clifton, NJ 07011
Office: (973) 955-2744
Direct: (973) 277-0417
Member of: NJNAR®, NAR®, PCBOR®, GSMLS®, NJMLS®, REOMAC® , NAHREP®, RRC®
No comments:
Post a Comment