Burden of Proof- It’s in the Seller’s Thankfulness-
Short Sale Gone Right
So all I can say that some short sales are extraordinarily hard due to the banks, lenders, investors,
attorneys, buyers, sellers, Real Estate Agents but I have to say at the end of the day the burden of proof is the seller’s thankfulness. It was another North Kingstown RI real estate short sale success for a seller who hung in there with the North Kingstown short sale agent of their choice. Remember what a short sale is? A homeowner owes more on their house than it is worth and can no longer afford to pay the mortgage due to a hardship, loss of job or medical situation and the bank (lender) has agreed to take less money at closing for the home than the mortgage amount.
The buyer’s agent on the other side helped the buyer through the ordeal we had with the banks….multiple banks- like three of them. The buyer (a first time home buyer) was number two buyer in the line up after the first one walked away because he didn’t like the price the bank came up with but it was just $5000 different then where I said the market price should be. This buyer hung in there through all the ups and downs until the very end when the banks and investors pulled more shenanigans for more than 3 months. Where was the approval letter…we waited weeks after the ‘ok’!?
My seller had been in for the short sale long haul and ungodly process of waiting, progress, setbacks and not wanting to lose this buyer. How surreal this is for a seller in many ways because no amount of explanation from the Real Estate Agent on this short sale process truly prepares the seller for the journey. The seller had almost given up and ready to do a deed in lieu but held on with my encouragement and battling.
It was a right call by this North Kingstown short sale agent when 2 weeks ago we got the final approval letter from the powers that be at Bank of America. I had to step into the fray and tell the attorneys, ‘this is not working- let me run with it’. One day, just one day that is truthfully what it took- after months of processing between banks, investors, etc. to iron out, with the right Bank of America closer, to waive the deficiency judgment for my client with a small dollar seller contribution at closing.
There is way more to this story (what i did in that one day before did work its magic) and no tall tale is it -just a short sale gone right. The burden of proof is for all to see now and the client will be my best business advocate for me and the appreciation I received.
Burden of Proof- It’s in the Seller’s Thankfulness- Short Sale Gone Right.
Ginny Lacey Gorman is your go to North Kingstown agent for homes in North Kingstown RI and beyond…knowing the geographic area, schools, happenings,important tidbits of information and businesses well.
She’s the North Kingstown short sale agent to contact if your are underwater on your mortgage .
Waterfront, oceanfront, luxury and coastal RI homes for sale are her specialty but all of RI is her backyard. When you are in need of a good professional for your buying and selling needs and an internet savvy marketer who sells RI houses in this real estate market – call Ginny at 401.529.7849.