I'm not 100% sure how I continue to get Short Sales approved, but I definitely have a "Magic Touch"...
This was a good week for me. We closed 2 Short Sales, both of which I was able to get an "admin/processing" fee approved which means a bonus for me. On top of that I was able to salvage a couple of Short Sales that were completely DEAD.
Now, I did have a Buyer walk on an approved Short Sale... and they were my Buyer. But I have until January to find another Buyer and get the deal closed. I think I can make that happen and will keep you posted! Just sitting on the deal with an approval in my hand as of now.
The 2 dead deals: both had BPO's come back that were significantly HIGHER than the offers and higher that the market value. This was in part due to bad agents and partly due to us having the listing price too high. One thing I have learned about BPOs is that they tend to come in near the listing price - no matter what. So on both deals I had the Listing Agent keep the listing under contract, but drop the listing price to closer to the offer about a week or two prior to the time that the BPO would be done. There's a lot of "timing finesse" in Short Sales if you want to be good at them.
Both of the new BPO's came in find and I have verbal approval on both deals. One of the deals has died twice before. The first time they were looking for tax returns that the Owner hadn't filed. He had to go back and file taxes from 2007 all the way through 2009 - in the meantime the bank closed the file after verbally approving our offer and we had to start over. The second time, same offer: the BPO came in 20k higher than what our offer was and they countered again... so now we were asking the Buyers to come up an additional 20k plus the original 5k they had agreed to. Not going to happen. I requested a new BPO and used our timing module and got verbal approval on the 2nd price we were at - this is great news.
The other deal I had a horrible BPO agent who was trying to get the value as high as possible... yes, he told me that and I almost pooped a brick. Had to wait 60 days for that BPO to expire before ordering a new one. Same timing trick, different deal. Verbal approval and working on getting the foreclosure date pushed out so we can get it closed. It is set to foreclose in 1 week, but I don't usually have a problem getting them pushed out if I have a legitimate deal in the works.
Busy busy busy for this guy! I'll try to keep up better with this blog. Couple new Short Sales listed this week in the Longmont area.
-JD White
THE EDGE REALTY, Inc.
www.TheEdgeDoes.com
(303)478-7773
JD@TheEdgeDoes.com
