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Can Short Sales Be Exciting? Part III

Part III

The day arrived when the phone rang and I heard those magically words, "Hello, this is your closer." Ah, it was like blue birds burst into song, the sun shone out from behind the computer and all was right with the world. I could see the sale happening in a month, perhaps a couple of weeks. This was not so bad, it was easier than I expected. And then... more demands, more documents, countless HUD statements. As if that was not enough, weeks go by and another phone call stating that the government has just come out with a new form that must be filled out by the owner of the property, a form that did not exist two weeks prior.

What totally mystifies me is that each time I have asked these handlers and closers if they have every bit of information they need, they say yes and I should hear in 48 to 72 hours. I hear nothing. Then when I call back to find out why I haven't heard, they want another document, or they want it revised. It is frustration beyond words. Just as you think you have the brass ring, it slips away and you have to wait until you go around again.

What I have learned is to treat my handlers and closers with the utmost respect, warmth, humor and cooperation. I only once lost my temper, at the request for a new form that had to be filled out. The number one rule in working out a short sale with the bank is: DO NOT GET PISSED OFF AT YOUR HANDLERS. I apologized.

I have scanned, faxed and re-scanned and re-faxed the same documents over and over, still they insist that they do not have them. Where they are (perhaps a nice shredded bed for some rabbit)? So here I am stuck in the middle of the tunnel waiting to come out in the daylight. Will I succeed in getting the second mortgage holder to accept the offer made by the first mortgage holder? Will the first mortgage holder sell at the price they have told me?  Stay tuned.

My advice... this is not a money maker for a real estate agent when you consider the time and frustration. Why am I doing it? It fascinates me. It is a puzzle to solve, it appeals to my creative side, and it makes real estate interesting.

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