I just closed one of the longest short sales in history with Bank of America. This sale totaled 39 months, over 3 years. There were a few unfortunate problems with this short sale.
Throughout the time of having this listing, there were six individual buyers that were all approved. Unfortunately, all six also cancelled, with one rewriting an offer through another agent after the initial cancel. This offer was not submitted when I questioned this buyer’s agent, and as a result, the offer obviously did not go through.
After the seller’s family moved out, they left the house in shambles, but I invested my personal money (which thankfully was reimbursed later through the rent payments) to paint the interior, re-sod the front yard, and thoroughly clean.
There were several liens on the house: water, sewer, trash, and HOA liens. Most were eventually paid off by the bank and buyer. The tremendous HOA fines totaling over $5K I managed to negotiate them off completely with no fees to be paid.
The bank changed the locks and I had to pay $250 to re-key the house.
The property sold for $30K less, with a $12K credit for closing costs–very rare on a 50% cash
down purchase, than the REO (bank-owned) property with no closing costs credit, a block away the
All these experiences may be things that you, as a short sale buyer, are familiar with. And while short sale transactions can be the trickiest side of the real estate market, I have had plenty of experience in managing such transactions. Please, let me be the one to deal with the messy side of short sales–not you! Give me a call today if you have any questions.
John A Silva