May 11, 2010 in Blog by admin

Steger, IL Short Sale Saved Less Than 24 Hrs. From Foreclosure!

I took a listing On Saturday, May 1, 2010 in Steger, IL.  It’s a bit out of my “Fox Valley” area but since I have gone all the way to Carpentersville, I didn’t think it would be a major issue.  With the sheriff’s sale less than 2 weeks ago I took it knowing that it would be a longshot and told the seller that I would do my best but that it would be a challenge!

Steger IL Short Sale

After 3 showings last week we got an offer on Wednesday, finalized it Thursday and submitted the short sale package on Friday.  Unfortunately, despite the fact that I mailed the authorization’s on May 2nd and talked to an agent on May 3rd the bank would not extend the foreclosure until we actually had an offer.

I have other short sale listings that I have had for over 6 months or longer without an offer so it was really nerve racking to wait for that offer.  Praying to the short sale gods and rubbing my lucky coin, I kept on going.  I sent the listing all over the Internet, calls came in but people were not willing to make a decision that quickly.  I priced the home aggressively but within market value considering the condition.

Despite being told that I could get the foreclosure delayed if I got an offer the 2nd agent that I spoke with this Monday told me it had to be a “good” offer.  How do you justify a “good” offer when no one at the bank knows the area or apparently can read the CMA.  With only 4 closed homes that had more than 4 bedrooms and 3 out of 4 either being brand new, in much better condition or on a much larger lot their decision was confusing to say the least.

Checking out various short sale blogs I came across 2 different emails for people at that particular bank and I immediately sent out emails pleading for help.  One employee responded and sent my information to the Executive Home Retention team and sent me a 2nd email the following day informing me that someone had been assigned to my case.  I spent yesterday leaving messages begging to be called and to address my offer and extend the foreclosure.

Early this morning 7:30 a.m. I called, after getting a voice mail was given an alternate extension if it was an emergency – which it defintely was.  The lady that I spoke to listen to my story and was kind enough to tell me that the person I spent a whole day calling was not assigned to my case, but that she did have that person’s name, that she would transfer me and also gave me her extension. 

I was so thankful that I felt like crying.  After more explanations and more pleading the new person assigned to the file agreed to speak with the negotiator and call me back.  After thanking her profusely and even blessing her kind heart, I hung up.

Not actually believing that I would get a call because I have been let down before, I went to my 10:00 a.m. house inspection.  I had called the seller and informed her the latest status and told her to pray.  The bank is not known to be compassionate or caring about anything but their bottom line like most institutions today.

In the middle of the house inspection I received the call that I had been praying for.  The extension had been granted to the closing date mentioned in the purchase offer.  Yippee, glory hallelujah!!  Thanking the woman – Jacqueline, profusely I called the homeowner.

To make sure the information we had was correct,  she called the foreclosure attorney who confirmed that the sheriff’s sale would be cancelled tomorrow and that the extension to July 7th would be granted.

My personal motto has been “never, ever, never, never give up!”  and when it comes to short sales you must never give up.  Never give up on the homeowner – never give up on the system – and give yourself some credit – rise up to the challenge – strike from all fronts – be creative – work the Internet and all the short sale blogs out there to find the information you need to reach the right party.

People’s future are at stake – by doing a short sale my homeowner will be able to buy another home in the future, prevent a bankruptcy and go on with their lives.  The new purchaser will end up with a home that is a better deal than a foreclosure because it is being given up by a homeowner that is ready to move on and is not bitter and may damage the property.  The lender makes more money in less time with less expense than if the home went into foreclosure!  And of course, 2 Realtors will make their commission and be able to continue paying their bills.  A true “win-win” for everyone!

So I will keep you posted as this sale progresses through the maze that is a short sale transaction.  We are not home free yet but we are halfway there.  So my hat goes off to other short sale agents in the trenches.  It’s a challenging job but we are all up to it!  Let’s keep on helping people despite the odds and remember “Never, ever, Never, ever GIVE UP”

Driveway Leading From Home to Street