It took 13 months, but we finally closed on a short sale in Poughkeepsie that I originally listed in April of 2009. It took 4 months to get an offer, but there was a nightmare process getting assigned a negotiator and then a title issue was discovered that took another 3 months to clear.
At one point, the buyers, who were paying cash, asked for their money back. All deadlines wee past, so we had to comply. But we kept in touch, and when the title issue was resolved, we told them. And they agreed to come back to the closing table.
Throughout the process, my client was a mensch. A widower, he wasn't the tidiest guy going. But he was always cooperative with showings, and if we needed a document or signature, he was on the case. He was a real pleasure to work with, and that is important to note because most sellers in a short sale are stressed to the max and often get frayed edges after a few months. Not so my client.
On July 12, we closed. It took over a year. We never had an auction date set because we kept in close touch with the lender, we kept the buyer and buyer's attorney in the loop, ( and that factored in to the buyer's returning to the deal after they walked), and we had to be tenacious. It took some serious teamwork.
I love it when hard work pays off.
- We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
- J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service.
- I am one of New York's premier short sale REALTORS.
- J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.
- Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent.
- I am hiring agents.
Ooh, we closed a short sale the same time. I closed today. Mine was around 4 months. Not bad.
You should be nominated for sainthood! WOW 13months... Philip I truly feel for you and your Team. Congrats though! I'll raise a tankard on your behalf.
Well done! Great job hanging in there. The longest short sale I ever had was offer in April 2009 closing in February 2010 (no issues, just Bank of America ~ the shortest 60 days from list to close...
Wow, that was a long haul.
Good for you for keeping the buyers in the deal through that year!
That's tenacity. Short sales are not for the anxious, impatient or inexperienced. Good job.
Phil:
I congratulate you for your patience on this one. It also sounds as though you were very fortunate with your client - a tidy man.
Great job Phil. I can bring you examples that relates to your experience. . but this is about your patience and persistent actions that separates a regular listing agent form a short sale listing agents. Enjoy it because you saved a homeowner from a foreclosure . . you got the gift!
Congrats. That's great work. Love the perserverance.
Great job. You should be commended for hanging in there and getting the job done.
Nice. Congrats on a job well done.
4 months, that is in record time for short sale in my book. Clear communication is key with everyone involved. kudos!
above was me...need caffeine... :)
to quote if you want to delete the above.."4 months, that is in record time for short sale in my book. Clear communication is key with everyone involved. kudos!"
Congratulations to you Philip! I wish the term for short sale was changed to something else because other than the price, there's nothing short about them!
Phil, your persistence holding the transaction together paid off. Good job!
This is wonderful, Phil. I, too, have one closing soon (knock on wood) that I've been working on since January of 2009. Unlike you, we've been through a bunch of buyers in the process. Good job on hanging in there and not giving up!!
Be proud, you did a super job of holding it all together for so long. This should encourage owners to try as persistence and patience can certainly pay off.
Congratulations...tremendous patience and professionalism to get that done.
You could have taught a brand new baby to walk in that amount of time!
Good Job! I think I'm about to witness a client who was pregnant when I took a Las Vegas short sale give birth, their daugter graduating from high school, and that same baby graduate from College.
Phil, Congrats on the closing and the persistence. Of the four Short Sales we're closing this week, one of them has been around for about a year, and this is Buyer number 3!
Congratulations on closing the short sale, Phil! (And congratulations on having the foresight to actually re-contact your original buyer to see if they were still interested.)
The long and arduous process of short sales is enough to make your head spin and swim. But when it finally makes it to the closing table (particularly after 13 months), it's a definite sigh of relief and a good reason to take the rest of the day off.
If anybody could close a 13 month long short sale I would think it would be you Phil.
Ok, you beat my record of 10 months! That was how long it took me to get an approval last year. And yes, it as with Countrywide----->Bank of America. Whew! Amazingly, our original buyer hung in there with us the entire time. Patience and persistence paid off. Congratulations on your closing.
Congratulations on closing after such a long time. Personally, I think the banks have way to much latitude on the time allowed to close short sales. I'd support any politician who would fine the banks $1000 a day for any short sale that took over 60 days.
It took 13 months, but we finally closed on a short sale in Poughkeepsie that I originally listed in April of 2009.
Hi Phil,
That's very impressive patience. Great job!
Well done for hanging in there JP. In many cases when the buyer backs out, they're gone. So good job staying in touch and keeping everyone eying the same goal !
Holy crap.
Sheldon- the attorney deserves as much credit as anyone, but I'll gladly take credit also.
Bruce, not so much patience as, shall we say, financial motivation.
Bryan, I would vote for that guy also.
Tamara, believe it or nor we've got one that is past three years. The MLS ID is on Roman numerals.
Morgan, I'd prefer 3 months.
Charita- sometimes, the closings in a short sale are so surreal.
Bill, sometimes they'd call us also.
Tony, this buyer must have really wanted it.
Paul, I know the feeling. I watch my kids grow with these deals.
Jenna- we could have had a new baby also!
Corrinne, it is a marathon and not a sprint.
Elizabeth, as long as there is a buyer standing at the end I'm happy.
Michael, I like getting paid.
Suzanne- we're all on a first name basis now.
Greg- thanks. Some take longer than others.
Rhonda- the best reward is a paycheck.
Craig- true- they should be called long sales.
Fernando- that is the icing on the cake. He's a good guy who deserved a happy outcome.
Claudette- I wish I had more clients like him.
Lenn, so true. Short sales ain't no tea party.
Ralph- it is my animal magnetism.
Jamie- I prefer short sales that are actually short.
Mike- maybe not Sainthood, but short sales certainly are Purgatory sometimes.
Jane, I'll take 4 months.
Bully for you!! I've done a few that have taken a year or more and frankly they aren't for me. I don't have the patience for this kind of sale. Good job though. Hard work does pay off......sometimes.
Patricia/Seacoast NH
Phil, I prefer 13 days, not months. WOW. You deserve all the praise and glory.
That is a long time to get to the closing table. Congrats.
Way to go Phil. Short sales are so frustrating This is proof if you hang in and do it right, it can happen.
Way to be tenacious and not give up. That is the consistent quality behind all good short sale listing agents.
Phillip congratulations, having a client who isco-operative is helpful since it took such a long time to close. Great reminder to short sale agents to keep in touch with the lender, as this could help ward off an unpleasant process, the property going to auction.