Broker Colleen Fischesser is always after me to share a bit more on ActiveRain. Somehow the days just go by in a frantic hurry from one transacdtion to the next, but she insisted that this story was one that begged to be told. So here goes ...
Late November of 2007 I listed a home for some close friends that were in some financial distress. After careful review, we listed the home just below what appeared to be market value for the area. And we promptly received an offer that placed the sale as a short sale. After lots of discussion, the sellers (my clients) decided to go ahead and proceed with the transaction and listing as a short sale.
Well, to make a very long story short ... the first buyers backed out ....
as did the second
and the third
and the fourth
and the fifth
and the sixth -- well, kinda sorta. We FINALLY had short sale approval, almost a year to the date of the first offer. But by then the mortgage market had tanked and after almost four months of waiting these Buyers were unable to secure the financing. So they backed out.
Five months later ... And Buyer SEVEN Wins!!! I just know you'll want to join me in the virtual celebration! So ...
drum roll please! ... 17 months, 7 offers, and countless countless hours of phone calls, email messages, certified mail packages to the lender and the sale is CLOSED! Whooo hoooo! I can't begin to tell you the relief that my clients feel (not to mention ME) with the successful closing of this thing. Finally.

Gosh ... my phone is quiet today. Nothing to do. (well, for the next five minutes anyway)
So ... thanks for letting me celebrate for a minute! YAY!!!!!
I'd love to hear some of your tales of long short sale transactions, btw. I'm told the trend is to close them faster. uh huh. Sure.


Your Dedicated Realtor & Active Rain Blogger, working the Auburn, Kent, Renton, Maple Valley, Federal Way, Covington, Puyallup, Sumner, Bonney Lake, Lake Tapps, and north/northeast Tacoma areas.