9 month negotiation - 3 bpos - crappy attorney negotiator -- brought $2800 for second lender - lost 3 buyers - had two extensions on first - miner issues at closings and finally double closed
$26,000 net profit
Short sales are not for the weak of heart, but if you can persevere, certainly worth it.
I get a kick out of agents who say we "hold up properties" - ummmm, YES I DO, and we also get it done.
Sellers were PSYCHED to stay in house extra time, end buyers were PSYCHED they got a house about 10% under market value, both buyers and sellers agent psyched.
Here's my visa commercial
House cleanout: $200
Payment to second lender to get deal done: $2800
Smokes and water certs: $100
Happiness for all parties involved in same day closings: PRICELESS
It seems the number one trait required for short sales is PERSEVERANCE.
Yes, congratulations on your perseverance. Nice work.
ahh...Ted, you just reminded me of another hiccup on the deal. We had to go with a funder to hold 3 weeks because our approval was for the 24th of Sept. and the end buyer couldn't close till the 15th of Oct. The "funder" who I won't name at this time was too busy to "review" our paperwork so we couldn't close. GRRRRR...
THANKFULLY both 1st and 2nd agreed to extension and then we double closed. funder shot themselves in the foot. Would have had 4 points for the 3 week hold and when we got ext., we were able to double close and did back to back. Less $$ to them.
I would have liked to have gone with someone else....:) but we would have lost our handy dandy $400 app fee.
THANKFULLY I have my next three deals lined up with someone much more responsible!!!! :)
Who was the B-C lender or were they cash?
Congrats...Glad you stuck with it...
Justin, it's a local lender here in MA.
That is sweet.....outstanding, Maryann. Wish you more of that in the future....
Great work Maryann!
You are right....it's hard work and you can't give up! I wish I could say that the next one will be easier, but Jackie and I are still looking for that "easy" one! It is all worth it though.
From the sticky for this forum, Josh wants to hear about how BP played a part in the success story. Can you offer some words expressing that?
Congratulations! You've got some staying power to get through 9 months, for sure!
Bigger Pockets is the encyclopedia of investing. I just read and read and read through so many forums...mostly short sales, and the marketing forum, but I consider BP a part of my work day.
I know I can likely come here and see someone posting about recent law changes, lender changes, issues, problems etc., all where I can take what I need to know and work through it with my own business.
I've met people here I'm currently working with AND members that I've contacted offline and we assist each other.
THAT'S how BP has contributed to my own personal success!!
Way to go Maryann!
Tell me about the $2800 for the 2nd lender. Did the homeowner bring that to the table, or did you pay it to get the deal done?
GREAT net profit! Worth all the hard work and hanging in for 9 months.
Just think, in 9 months instead of a double close you could have had a BABY! At least from my perspective, the double close was the better option.
Yep. I gave birth to a $26000 net profit.
The $2800 had to come to closing from SOMEONE and the homeowners didn't have it so we brought it. We had a big enough spread. If we had only had a $8-10000 spread, it may have been a different story.
Thankfully they allowed us to bring it.
That was an easy decision to make. I'd give $2800 every day to make $26,000! Even with a $10,000 spread, it makes sense if the option is no closing / no profit.
Congratulations Maryann! It's always great to see a plan finally come together.
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