Austin TX Real Estate - Hill Country Austin Lakeway Homes for Sale: The Fast Short Sale - Closed in 2 1/2 Months!

The Fast Short Sale - Closed in 2 1/2 Months!

I had a closing yesterday, and the title company was in a temporary spot in a hidden location, so it was hard to locate.  I decided to stand outside the building so I could help flag my clients in. As I was standing on the curb, I thought to myself, though actually saying it out loud because I do actually talk to myself, "I have never met my clients before and I have no idea what kind of car they're driving, so how am I supposed to flag anyone down?"

short sale austin tx real estate houses for saleI met my clients for the first time at the closing table yesterday.  I was first introduced to them in December when they contacted me to help them with a short sale.  The property had a punch button entry so no key was needed, so I went over there when it was convenient to me without having to disrupt my sellers' schedules of meeting me there.

The entire short sale process was done via phone and email. There were two lenders and they both actually accepted digital signatures on the contract, which I thought was amazing because whenever I have the buyer, the listing agent requires me to get a live signature and initials. But personally, I've always thought many listing agents make a mountain out of a mole hill and more lenders probably take digital signatures these days, but listing agents are afraid to present them.  Anyway, I digress...

The first lender approved their end of the short sale in under a week. Amazing!  We thought this would be speedy!  It would have been my fastest short sale approval ever!  And then we thought again... it took another 6 weeks to get the second lien holder to give their approval, 7 weeks total. They were netting $1900.  Yes, only $1900 yet they needed an additional 6 weeks to approve the sale after the first said yes. The first was going to foreclose any day, and at that time they would get $0.  Isn't $1900 still better than $0?

When they did finally approve the short sale, they gave the seller 3 weeks to close.  The buyer needed financing, and the buyer wouldn't move forward with the appraisal without the final approval. We were on pins and needles for these past 3 weeks.  It did actually close yesterday, but it funded after wires were able to go out, so payoffs weren't sent until today.  We're crossing our fingers that the short sale lenders don't charge back the extra day of interest...

Two lessons learned here.  The first is that real estate can be done today without ever meeting your clients if that is what it takes to make things happen. The second is that short sales don't have to take 4-6 months like so many do. From Executed Contract to Closing Date was 2 1/2 months.

If you are in a situation where you are unable to make your mortgage payments, or you're going to be unable to make them in the near future, maybe a short sale is the route for you. If you're in the Austin TX area, please don't hesitate and wait for that first foreclosure notice. Contact me immediately, before you miss your first payment!

**Are You Packed Yet?**

donna harris Realtor Austin TX blog

Donna Harris, REALTOR®
RE/MAX Austin Skyline
www.DonnaHomes.com

Donna@DonnaHomes.com
austin-texas-homes-for-sale.com

Austin TX Real Estate and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, CedarPark, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Hill Country Austin TX Real Estate and beyond. Whether you're buying or selling an Austin home, I'll be with you every step of the way. 

For real time Austin TX listings,click here.

** Multi-Million Dollar Producer Year after Year **

** Platinum Top 50 Finalist 2011 out of almost 9000 agents in Austin TX**
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Copyright© 2012 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
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The Fast Short Sale - Closed in 2 1/2 Months! * was first published on donnahomesblog.com.

Comment balloon 10 commentsDonna Harris • March 16 2012 06:07PM

Comments

That is unusual Donna not meeting the clients, but as you know in real estate, nothing is ever NORMAL. Good job on your sale, and a quick one too.

Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) almost 8 years ago

Congrats on this sale.  This should be an ordinary short sale time-frame transaction situation and yet we are still experiencing this transaction as the exception instead of the rule to follow.  Bugs me why we can't use electronic signatures for most distressed properties! 

Posted by Kathy Stoltman, Ventura County Real Estate Consultant 805-746-1793 (Rockwood Realty) almost 8 years ago

Donna -- congratulations!  This is a true short sale success story(try saying that five times!).    Although it is unusual, I've had some clients I've never met in person(email/telephone)

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 almost 8 years ago

Hi Donna

Congrats on your closing the short sale in record time.  I agree that you don't have to meet your clients in order to service them.  I had listed and sold properties for clients whom I never met. They lived out of state.  We communicated via phone, emails and faxes.  

Posted by Sherry Peckhoon Sim, Broker/Owner, Covering the Beautiful Central Coast (Sims & Company) almost 8 years ago

Gary, That's probably the 4th time for me not to have met my clients.

Kathy, I know! They shouldn't even take that long!

Michael, Thanks!

Sherry, I've closed a few from out of state, but those I never meet. These I did end up meeting at closing.

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) almost 8 years ago

I've met clients twice at the closing table. Congrats on the fast short sale! That is awesome! I think the best I've done was 9 weeks but it was cash with 1 lender.

Posted by LaNita Cates (REMAX of Joliet) almost 8 years ago

Donna ... great success story about another short sale gone well!  Good job!

Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) almost 8 years ago

Wow!  Congrats Donna.  Well done!                                                                                                             

Posted by Amanda Christiansen, Christiansen Group Realty (Christiansen Group Realty (260)704-0843) almost 8 years ago

All I was thinking was that I'm glad we don't have closing tables. :) but I've worked 2 times with buyers who I never met at all. Funny business.

Posted by Karen Fiddler, Broker/Owner, Orange County & Lake Arrowhead, CA (949)510-2395 (Karen Parsons-Fiddler, Broker 949-510-2395) almost 8 years ago

Totally amazing, I am impressed! I need more short sales like this! Good work Donna!

Posted by Kristin Moran, San Antonio,TX - Real Estate - 210-313-7397 (Owner - RE/MAX Access - KristinMoran@Remax.net) almost 8 years ago

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