Archive for the ‘Bad Situation’ Category

Short Sale Success Tales

Wednesday, March 7th, 2012

Hello, I am Dennis Pearce and this is Jesse Moore. We’re with Pickett Street Properties, certainly one of Seattle’s main short sale teams. We get to talk about our favorite topic with short sales and that’s closings. Approvals are good, but nothings better than a closing. It means you’ve got finished everything essential to get your sellers out of a bad situation.

I had two short sale closings in the month of January. One was a two year short sale that I don’t plan to repeat anytime soon. It ended rather well and the sellers were really grateful. They ended up not signing a promissory note and never having to contribute any funds to the bank or the process itself apart from sustaining utilities. I am pleased with that one because it was a military household with five children and one on the way. I am happy they are now out of that situation and so they can move forward with their family to the subsequent phase of their lives.

One other one we have now a video on was about being creative with short sales. We actually let the buyers move in previous to closing to keep them dedicated to the process. I truly got approval rapidly on this one. It was a small servicer and that truly worked to our detriment. Most agents would get excited about getting an approval letter but I don’t as a result of I’ve to read it first. It had no language saying that they weren’t going to pursue a deficiency, so I sent it back for them so as to add something in there stating they won’t pursue a deficiency. It was with Freddie Mac and so they came back saying they don’t do that.

I emailed 6 VP’s at Freddie Mac and numerous different individuals within the media. Oddly enough that worked. It took me a month to get the first approval and one other month to get a second approval letter with the deficiency language that I needed. Throughout this time the buyers lease expired and so we allowed them to move in previous to closing because it was a vacant home. We had a successful closing with no deficiency, no seller contribution, and no promissory note.

Do not ever consider when a bank says they don’t do one thing, most of the time they don’t seem to be telling you the reality or they do not know the truth. So we love sharing short sale success tales and those are our two for the month of January. We’re Pickett Street Properties, considered one of Seattle’s leading short sale groups and we’re here to help. Give us a call today. Thanks a lot.

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