The Long Tale of a Short Sale

I posted earlier this year about a short sale listing I was selling in Caraleigh Mills earlier this year.  If any of you have ever bought a home that was being short sold, then you know it can be a grueling process.  Fortunately for me, the buyers of this condo were patient, and they had a good agent, Peter Rumsey, to help them understand the process.

short-saleI listed the home on May 27th.  I received my first offer from this couple on June 21st.  There were two banks involved with approving the sale, Wells Fargo held the first mortgage, and Suntrust held the second.  We waited patiently as the banks mulled it over, ordered Broker Price Opinions and made up their minds.  In the meantime, I had two more offers come in and two more buyers who wanted to write offers but couldn’t find a bank willing to lend to buy a unit in Caraleigh Mills.  The condo project was 52% rented, and most banks don’t like to see more than 50%.

The first offer was countered by the bank at 210k (original list price was 220k).  The buyer accepted that counter offer.  Finally!  On November 10th, I was able to change the status to “pending” in the MLS.  That’s right, we waited a full 4.5 months to get an offer turned into a contract.

The next month was spent running around trying to meet the demands of the bank to get little pieces of paper signed, re-appraisals done, affidavits signed, HUDs to match, etc.  It was a mad dash to closing.  It finally happened on December 15th, and the buyers got a new, awesome condo for Christmas.

A little patience can go a loooong way, and everyone involved did a great job of keeping their heads cool and doing their part to make the sale happen.  If I weren’t pregnant I would have downed a few bottles of wine along the way. ☺

Leave a Reply

Your email address will not be published. Required fields are marked *