~The 2 Year Success Story For A Distressed Property~

October 14, 2014

Sometimes the best made plans don’t follow the correct path. We begin our journey to when life was simple and time moved slower than it did today. Yes, ladies and gentlemen, let’s all take a trip back to the year 2012 (amazing right!). Imaging a lovely home on a cul-de-sac in the heart Otay Ranch in East Chula Vista. It had 5 bedrooms, 2 car garage with Pasadena-style driveway, and child-proof hard tile floors.

At the time, the Y-Family was experiencing some major personal changes which found them in a very severe short sale scenario. Then fast forward into 2014, and 5 buyer escrows later, we finally find ourselves with a closed escrow.

Why did we had 4 buyer escrows fallout? I can tell you that it was no fault to the property or my seller clients. It was just impatient buyers and crazy banks. The 1st bank would give us short sale approval and the 2nd bank would just sit and marinate for months on end. Then reverses the scenario where the 2nd bank gave us a short sale approval and the 1st bank decided to become lazy because the other bank is already lazy. Oh yes, let’s not forget the short sale banks wanting $65,000.00 above market price. Then one of the buyers couldn’t wait just a couple weeks. So buyers2 & buyers4 was substituted, but eventually didn’t want to come up from their initial price to meet somewhere close to the short sale bank price. If the short sale banks took more action and less time thinking, they wouldn’t have to wait 24 months to finally get their short sale money. I could go on and on about the unprofessional, crazy, and financially stupid tactics of these short sale bank employees, but let’s focus on the positive, shall we?

Despite the roller coaster ride of the lengthy short sale approval process, even 5 times over, the Y-Family held on to the belief that a successful outcome would come about. They held their trust in me and my team, despite having to postpone monthly calls by the short sale bank wanting to foreclose on this loving family of boys with their mom. I constantly checked in with the family to give them updates. Sometimes major news, sometimes minor news, and sometimes I would call just to say, “I have no new news beyond last week’s update.” But I figure, it’s better to give your clients more information that less.

I’m happy to report that we did find a highly motivated 5th buyer, although we had to use some fairly aggressive seller techniques to keep them engaged. But in the end the Y-Family was able to close escrow. Also to add to this success story, we were able to get them into a HAFA short sale, which was denied multiple times previously. So although the Y-Family had a bitter sweet close of escrow as they said goodbye to their home 10+ years, they can feel good knowing that their finances are finally in tact, they can rebuild, and they can focus on making their boys smile everyday while they go through the short sale seasoning time period. Oh yes, I guess the $3,000.00 relocation money that we demanded from the short sale banks helped too.

Also, I’d like to say THANK YOU THANK YOU THANK YOU, Y-Family for your trust in me and dedication to staying true to the process of your short sale. CONGRATULATIONS on finally being able to breath a sigh of relief, finally…no really…finally!!!