I am so very happy for my buyers who closed their purchase today. It has been a long ordeal and certainly tested their patience. I am just thrilled to see them with keys in hand at last. Finally they can move forward with their city to suburbs relocation.
When we first met they had a little boy of two and a newborn. These two little guys are now four and a half and the youngster was three today. Sometimes it does take a long time to find the house you want. Going back to when we met they did find a foreclosure and made an offer but it did not work out. We kept searching but the foreclosures that we looked at were just not right.
So we took a little time off and came back with renewed energy the following year. We found a short sale in Deer Park they really liked but the price was a little too high. We discussed with the listing agent an offer we could put together but I could see it was too low for market value and we were not surprised when they said no. So we kept on looking and looking. Most of this was online because my buyers lived in Chicago and trips to the burbs was time consuming.
A year goes by and now the price of the original short sale has come down $100,000. We discuss an offer and go and see the house. Much discussion later our offer is ready and we submit and have it accepted by the seller. While it is being prepped to send to the bank by the seller and his attorney, my buyer has his inspections done and submits his mortgage application. Then we wait. We wait nearly four months and finally get the short sale approval from the bank.
This has all been relatively easily so far. Now it is time to speed up the loan officer and get the mortgage approval. This part did not go so well and we get ever closer to the date we have to close by. It does seem this was left much too late and so as each day passes with no approval we start thinking extension request. I am not surprised we got a flat no from the bank. They gave us 60 days to close and will not give us even one more day.
It seems everyone knows what needs to be done but no-one is communicating why we are not making progress. My buyers stress levels are rising, his patience has long run out. I can tell by our daily conversations he is pushed to his limit. I have to try and keep him thinking positive. Not easy when that deadline day is now only three days away. Sunday was a nice day. We met at the house after five months to do a final walk through. Our closing is scheduled for Monday February 28th, the last day we can close. I still have not seen a clear to close commitment from the loan company and so the day before closing we are still biting finger nails.
Monday arrives and there are still things that need doing. Without a loan commitment we have not ordered the plat of survey. Normally the sellers pay for this but on a short sale the buyer does. We know about an encroachment from looking at a previous plat. This was raised early on and has been taken care of, thanks goodness.
At the closing table we are still waiting to know of the mortgage loan is approved. In the end it was and all docs are signed, with an approval to insure against encroachments if the survey is in by Friday.
When we first met they had a little boy of two and a newborn. These two little guys are now four and a half and the youngster was three today. Sometimes it does take a long time to find the house you want. Going back to when we met they did find a foreclosure and made an offer but it did not work out. We kept searching but the foreclosures that we looked at were just not right.
So we took a little time off and came back with renewed energy the following year. We found a short sale in Deer Park they really liked but the price was a little too high. We discussed with the listing agent an offer we could put together but I could see it was too low for market value and we were not surprised when they said no. So we kept on looking and looking. Most of this was online because my buyers lived in Chicago and trips to the burbs was time consuming.
A year goes by and now the price of the original short sale has come down $100,000. We discuss an offer and go and see the house. Much discussion later our offer is ready and we submit and have it accepted by the seller. While it is being prepped to send to the bank by the seller and his attorney, my buyer has his inspections done and submits his mortgage application. Then we wait. We wait nearly four months and finally get the short sale approval from the bank.
This has all been relatively easily so far. Now it is time to speed up the loan officer and get the mortgage approval. This part did not go so well and we get ever closer to the date we have to close by. It does seem this was left much too late and so as each day passes with no approval we start thinking extension request. I am not surprised we got a flat no from the bank. They gave us 60 days to close and will not give us even one more day.
It seems everyone knows what needs to be done but no-one is communicating why we are not making progress. My buyers stress levels are rising, his patience has long run out. I can tell by our daily conversations he is pushed to his limit. I have to try and keep him thinking positive. Not easy when that deadline day is now only three days away. Sunday was a nice day. We met at the house after five months to do a final walk through. Our closing is scheduled for Monday February 28th, the last day we can close. I still have not seen a clear to close commitment from the loan company and so the day before closing we are still biting finger nails.
Monday arrives and there are still things that need doing. Without a loan commitment we have not ordered the plat of survey. Normally the sellers pay for this but on a short sale the buyer does. We know about an encroachment from looking at a previous plat. This was raised early on and has been taken care of, thanks goodness.
At the closing table we are still waiting to know of the mortgage loan is approved. In the end it was and all docs are signed, with an approval to insure against encroachments if the survey is in by Friday.
While the paperwork is taken care of, I re learn how to make paper planes. Of course at 3 and 5 these boys know that Dad has games on his IPhone so want to see what I've got. We play bursting bubbles, moving blocks and all sorts. We draw Star Wars, wiggly arms, zappers and lifesavers
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Final Price for this short sale in Deer Park was $550,000 for this 6 year old brick home. I am worn out and I know my buyers are as well but with a happy ending it’s time to move.
Contact:
Corinne Guest
Royal Advocate Realty
Info@CorinneGuest.com
(847) 363-3686
Copyright 2011 Corinne Guest All Rights Reserved * Buying Short Sales Might Test Your Patience To The Core *
Royal Advocate Realty
Info@CorinneGuest.com
(847) 363-3686
 * |
 * |
Copyright 2011 Corinne Guest All Rights Reserved * Buying Short Sales Might Test Your Patience To The Core *
Corinne Guest
Realtor & Managing Broker
Royal Advocate Realty, Barrington
Call today 847-363-3686 for real estate and relocation service.
Suburban Real Estate - Lake Zurich, Hawthorn Woods, Kildeer, Long Grove
Glad your story had a happy ending. It is always a nail bitter right up to the closing with short sales. Congratulations.
If anyone can do it, Corinne you're the one! I'm so happy it closed today... been thinking about you all day!
Congratulations Corinne! I hope tonight you gave yourself some kind of good reward - even it it was just a long soak in a bubble bath!