And so I guess that's true, even in real estate. After 7 months,Â 3 buyers, and a child support lien that almost killed our deal, we just sold a SHORT SALEÂ that we had listed since December of 2009.
After our initial meeting with the sellers we understood thatÂ this familyÂ really needed our help. They had just gone through a divorce and neither one could afford to stay in the house without the support of the other. The "Mrs." had attempted a loan modification but not surprisingly, she was unable to obtain one. We knew that they had a genuine hardship and that the bank would understand this. We have closed other short sales with Wells Fargo, and we know thatÂ whenÂ it comes to short sales, they are great to work with.Â It would be easy to show them that the next best thing for all parties involved, including the lender, would be to avoid a foreclosureand attempt to sell the home through a SHORT SALE.It only took us 60 days to get the short saleapproved,Â only to learnÂ shortly after that the buyer's were no longerÂ able to obtain the necessary financing. We put it back on the market, and after receiving a new offer for a price other than what had already been approved we had to re-initiate the process of getting the short saleapproved. We onlyÂ did this because the local market no longer supported theÂ value at which theÂ sale was previously approved at. A new BPO (broker's price opinion), andÂ forty-five days later we received the short saleapproval, and found out that the buyers no longer wanted the property. Finally, in May we received an offer from an agent who knew and understood the way short sales work. He understood that if he wanted his clients to get this house he would have to educate them on how to write an offer on a short sale that has already been approved. It isn't rocket science; you just write it at the price it's been approved at (assuming comps support the value).
The buyers obtained a loan to finance the purchase, and after loan docs arrived at the title company everyone signed-sellers and buyers. We learned last minute that the seller had a child support lien that had to be paid before we could sell this house. The sellers had no money to contribute to the sale and withÂ the threat of foreclosure we knew it had to be done. WithÂ the help of the buyerâ€™s agent, weÂ all contributed to pay off the $1,500 child support lien. We finally SOLD 9056 Marble Valley Ct. in an area of Sacramento that we specialize in, 95829, for $290,000. The sellers owed more than $400,000. Their lender Wells Fargo, did not ask them to contribute to the sale and there was no threat of a deficiency.
If you can no longer afford your home and are looking for options, please do not hesitate to give us a call. We would love to sit down and let you know what options you have when facing the possibility of losing your home.