Short Sale CASE STUDY: 019

Approved Once Again

I received word last Friday that the delegation was granted and the negotiator with Wells Fargo was able to issue the approval for our new buyer!

Yeah!

As always, I made sure that all the numbers were correct before forwarding to the seller and agent to let them know the good news.

Sometimes I have to remind myself that these things can’t close as fast as I think they will even though there is a cash buyer.  I often deal with short sale homes where the seller has already moved on and the home is vacant.

Not so in this case.

The seller needs to once again find another place to live and will likely need the full 30 days stated on the approval letter to get situated in his new life. I don’t ever want to forget that homeowners need help navigating these troubling times. I enjoy being their advocate but may never fully understand how stressful these hardships can be on them. I also enjoy seeing them transform from scared, hurt, and confused to relieved, at peace, and hopeful for their new chapter in life.

A quick recap on some data:

As mentioned earlier in this case study, this home was listed on 10/8/12 and was originally approved on 1/17/13.  After messing around a bit with the first buyer, they walked away from the deal and we got 2 other offers, ultimately getting the 3rd buyers offer approved on 3/22/13.  5 months and 14 days.

With any luck there will only be 1 or 2 more posts in this series.  Buyer is doing a home inspection. Seller is moving out. We’ve extended to purchase contract so that it lines up with the approval letter and we need to close by 4/22/13.

I will need to complete a few more tasks in Equator such as uploading the final HUD for approval and submitting the executed approval, wiring numbers and other closing documents.  I will probably do a recap posting as well so that I can highlight many of the important events that took place for reference.

Rounding 3rd now.  See you at home.

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