2003 and it was my 1st "Short Sale"
It was back in 2003 and I had been licensed for maybe a year. I was still on a team (although I use the word loosely). Short sales were not unheard of then but they were nowhere near as common as they are today. Some old friends of mine had hit hard times and needed to sell or be foreclosed. They had refinanced their home AND taken out a second mortgage. They owed $135,000 and the very highest comp in the neighborhood had recently sold for $132,000. That was for a home in good condition. This one needed some TLC.
Yes, they were friends of mine, but since I was newly licensed they had called some other agents first. For some reason nobody would list it.
In retrospect there were a few things working in our favor to get this done. Even though there was a 2nd mortgage, the sale price of $109,000 would pay the 1st and leave about $5000 for the second. So the second at least got something out of the deal. We also had a very well qualified and very patient buyer.
We got the home under contract and I got the neccesary permissions from the seller to contact the lenders. Oh my, I just was not prepared for what I was in for.
Lender told me we need a BPO.
lender:Broker Price Opinion.
me: I'm only an agent, not a broker. How can I do that? Yes, I really said it :-)
lender:We need a HUD closing statement.
me: How can we prepare a HUD when we don't have a payoff?
OK, we were also fortunate that the loss mitigator was helpful and patient :-)
Somehow or another, we muddled through it and got to closing. The house sold for $109,000. The first mortgage got paid in full. The second got their $5000 or so. The seller avoided foreclosure and the buyer got a good deal on a solid home. Woohooo! I lived through my 1st short sale. My team lead made most of the commission and I got a real good education.
Postscript- A few years later after I had left the team and gone out on my own, I was driving down the street and saw a "For Sale by Owner" sign. Yes, I made the call! Hello Mr. homeowner...remember me? I got the listing, sold the house, and got a real nice referral letter.
Are you underwater on your home? Behind on payments? Has your listing expired with another agent? I sell the homes that the other agents can't (or won't) sell! If you want serious marketing and exposure for your home to get it sold fast, even in today's market, give me a call or email! I'm always here to help.
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