Training for Short Sales & Mortgage Loss Mitigation to Stop Foreclosure

Childbirth Was Easier After the House Sold

February 7, 2009 by  
Filed under Short Sales Stories

baby-sam Cassandra sent me a text message shortly after her child was born saying how relieved she was that her house was sold. The satisfaction of helping her when she really needed it made up for the extra work in her short sale.

Short sales are difficult, they take much more work than a normal sale because you have to convince the seller to sell, the buyer to buy and at least one bank to take less money than what is owed to them. The process takes much longer than a normal sale, in this situation it took about five months.

Also, the house stays on the market while you are waitiing for the bank’s approval. So you may have to field several other offers, then deal with an angry buyer’s agent if the first offer that you submitted to the bank gets upset by a better offer. This short sale lost me a long time relationship with an agent I had known for a decade when her buyer went ahead with the inspection and thought he had the house long before the bank approved the sale. So, if you are a buyer’s agent, be sure to explain the short sale process to your client, and do not spend a dime or “mentally move in” until you have bank approval.

Cassandra could not use her cell phone in the hospital, so she sent me the most wonderful text message because she had to tell me how happy she was that she could concentrate on her new baby without the strain of the house she could not afford. I hope enjoy those moments when your clients truly value what you have accomplished.

Comments

18 Responses to “Childbirth Was Easier After the House Sold”
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