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?"
I 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!
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Copyright© 2012 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* The Fast Short Sale - Closed in 2 1/2 Months! * was first published on donnahomesblog.com.