We finally got a counter-offer back from the seller. Hooray!
She came back with a few different terms, but no extravagant changes. I want to protect my client’s confidentiality, so you’ll have to forgive the lack of details.
Anyway, we should be able to work something out that will make everybody happy. I’ll let you know how we respond.
After we work that all out, we ship a short sale package to the lender and wait patiently for their ever-elusive short sale approval.
Popularity: 18% [?]
Nothing to really report today. The seller of the property my client is going after has been in and out of the doctor’s office all day long and was unable to meet with her agent and look at our offer. Time is of the essence, but life certainly can get in the way sometimes. Looking forward to getting the contract negotiated and accepted today.
Then comes the fun part of assembling short sale packages to be sent to both of this property’s lien holders. Two lenders = two times the fun.
See you tomorrow!
Popularity: 13% [?]
If you were, at one time, a regular reader of this blog, you know that we’ve taken a bit of a hiatus over the past few months. Well, time to dust off the ol’ writing gloves and get back to work.
I figured, what better way to return to blogging than to write a daily chronicle of one of the more elusive processes in real estate: the short sale? In this series, we’ll follow the process from offer to close and see what really happens along the way.
And away we go…. Day 1 – July 27, 2010:
After much searching, we’ve found the perfect house. Just my buyer’s luck, it’s a short sale situation. It’s a great chance to snag a really good deal, but also a potential whirlwind of red-tape and headaches for both my buyer and me.
All fear aside on both our parts, we are going to weather the storm and get her a great house at a great price.
Details:
2:00 PM – We wrote an offer. Full price with seller paid title and 4% of purchase price towards closings costs, pre-paid expenses (taxes,escrow,homeowner’s insurance,etc.,) and discount points. 14 day inspection contingency, appraisal contingency, financial contingency. All the good stuff. We also attached short sale addenda with language that allows my client some ways out if something better comes along.
I’m all about protecting my clients and giving them plenty of
escape routes if things go south. Make sure your agent does this too.
4:00 PM – The offer’s been sent out and we’re waiting to negotiate.
9:30 PM – The listing agent has contacted me to acknowledge receipt of the offer and will present it to her client in the morning. More to come tomorrow!
Popularity: 25% [?]
