I just got another Short Sale approved, but this one was more of a waiting and bugging game than anything else. Single mortgage that I had been working for quite a while. We had an offer that walked on us and then the mortgage switched from one company to another. They told me 14 business days for a response once it was submitted - try more like 45! But the Buyer hung on and now we have a whole 2+ weeks to get the loan done and deal closed!
The lesson here is that it happens to be our Buyer. So they were already set up with a Lender that I trust and I know can get things done in a jam. Not to mention they have some of the lowest origination and costs around! www.GoFCM.com - they are nation-wide so that opens up the window for a lot of people. They had already been working on the loan ahead of time and we will get it knocked out.
On a not so easy note: I also had a Short Sale rejected. The main reason was a BAD BROKER PRICE OPINION (BPO). The guy called me after he did it and informed me that he "would get it in as high as possible so that we would be okay". I think he thought that he was doing an appraisal or something... but I'm not totally sure what he was thinking! That gave the bank the wrong idea about the property and the price. And this was a 2nd BPO as our earlier one had expired due to missing tax returns. Our Owner actually had to go back to 2007 and complete all of the tax returns through current before we could start over on the entire transaction. We had it conditionally approved as well and now that bad BPO gave them the idea that it was actually worth 20k more (On a sub $100,000 deal)! I got the okay from the bank today and they ordered a new BPO.
A big part of the game is keeping deals alive - don't EVER give up on a deal until the day it forecloses. There's a difference between being rude to banks and demanding that they take the deal versus thinking outside of the box and working WITH the bank to get the deal done. Don't take NO for an answer, but don't take it personally when they do say "No". It's not dead yet - spend some time thinking and using your resources.
I hope this helps!
-JD WHITE, The Edge Realty
President, Managing Broker
JD@TheEdgeDoes.com
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