(Home is under contact, so no numbers will be used)I have had this one short sale listed since November with great success of getting offers, but with no luck of getting one accepted by Option One. This home is quite large in a very nice sub, but needed some updating and other cosmetic issues.
There were supporting comps for many of the offers that I submitted to the bank, however, the bank flat rejected 3 offers and countered to one. The counter was significantly higher than what I had it listed for. They did say, however, that if we were to get an appraisal they would consider a lower number. So that's what we did...a few weeks ago I ordered an appraisal and walked through the home with the appraiser pointing out all the "issues" we had in hopes to get a better number. Note* I didn't give the P/A to the appraiser so we could give the bank a good valid look at this home.
The appraisal actually came in below our offer! The bank after saying to to 4 other offers finally said yes to an offer that was les than there intial offer and more importantly over 40K less than what they countered to in our last offer.
After all the work that has been put into this deal, the approval came exactly 30 days from the end of the redemption. So, in looks like wwe will close quite easily, but if we have a delay, all of this work will be for nothing :)
I will say, the reason why I do all of this work is for the homeowner. I try to put myself in there shoes and empathize with them. What a great feeling I got yesterday when I told the homeowner that we got the approval from the bank to close on the home. The money is always good and I need it to support my family, but what I get out of this the most is an appeciative seller. The word "Thank you" means a lot in my book.
To my seller, "Your welcome...it was my pleasure.
Have all my deals been this long? No, not at all. I have had them last as little as 3 weeks and as long 6 months, but as a athlete, I want to win them all, I will never give up on a seller that needs my help.
Thanks to Option One and Orlans P.C for a job well done.
Matt Hodges
EXIT Realty Parampount
231 624 1650 www.MattHodges.net
I have also found Option One Pretty good to work with - comparably speaking. I often got turned around in the beginning and spent too much wasted time in loss mitigation. But they ordered the appraisal and told me how low they would allow us to sell the home. Having that much detail helped us to not waste anyone's time.
Our deal has not closed. But it's because of the buyer's side and not the seller's short sale side. What a nice change!