The 1,096 Day Short Sale

J Philip Faranda April 18, 2010

If you have a short sale that is 6 months or more into the process, you’ll appreciate this: We got an approval yesterday on a home I listed in 2007. 

2007. 

It has been an odyssey to say the least: mystery liens, family tragedy, crazy buyers, deals dying, and 3 years of hard work. I listed this home in May of 2007 for $1.25 million. We had an all-cash offer that fell through, and mostly because the buyer was a lunatic who had a screw loose. The MLS eventually sent out a warning to all participants about an all-cash buyer that made people jump through hoops and then would have a “family emergency” on the day she was to sign contracts. The damage was done- the house was packed at the lunatic’s behest and the high school senior missed the football season. Long story. 

There were other offers and inspections, but no contracts. The house seemed to be the biggest magnet in the county for weirdos. People made offers and disappeared. Their agents disappeared. It was like the Twilight Zone and the Bermuda Triangle of real estate. Over the months and years my $1.25 million listing became a $699,000 short sale. 

Last year, we got another buyer. We have been working on the two lenders since last June to get the short sale approved. More Bermuda Triangle stuff: the BPO agent tripped and almost broke her neck right in front of me. 

Yesterday, we got the final approval from the 2nd bank, 1095 days after I first listed the house. When I called my client to tell her she cried and thanked me. I really hope this works. The house wasn’t snake bitten, it was bitten by a hundred of them. Keep your fingers crossed! 

1096 Days on Market

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