This closing punctuates the crucial importance of having a great attorney spearhead the short sale application with the lender.
The market is, as everyone knows, still very slow for sellers and a buyers market through and through. We activated the listing last September, just about a full year ago. The client, a widow, had moved out of the property and it was empty. At one time it had been fairly impressive; a late 1970’s era contemporary on 2 acres and a spacious swimming pool set up with a deck, cabana, and outdoor bar.
Unfortunately, it had fallen into disrepair. I characterized it as a diamond in the rough, and while that was an obvious differentiator, we found ourselves chasing the market. It took nearly 8 months and 3 price reductions before we finally got a solid offer: $230,000 after originally listing it for $325,000. To their credit, these buyers were willing to take on the project, and their agent was a real pro.
Once we had the buyer under contract, the next concern was keeping the home from falling into further disrepair in what could be a 6-9 month approval process before we could close. The seller had already moved out of state. I’m able to check on the place but I’m no contractor.
And this is where a good attorney is worth their wait in gold. Laura got the short sale approved in 90 days. The closing was 30 days after that. We didn’t go into the cold weather with a vacant house, and the buyers were even able to move in (or, at least take possession) before the new school year started. A 90 day approval is lightening fast in the world of short sales, and the buyers were not caught behind when the approval came in early. Their agent had them ready, and the entire experience was a primer in what can happen when professionals do their job well.
It was kind of like two parts- the hard part was finding the buyer, and the “easy” part was getting the short sale approved. It’s usually just the opposite! I’ll take it though, as did my client and their happy buyer.
