We had a settlement today that was a short sale for a property in Fishtown / Old Kensington . This was a tough deal as the first 2 buyers backed out - one to cold feet, the other lost the money he was going to use for the purchase in the stock market !! Of course, we did not give up.
We planned for the short sale (if not familair with a short sale, please read "what is a short sale ? " ) right from the beginning and had all the documentation from the seller and had it approved in the first month ! When we received the approval letter, it reminded me of a post that Nestor and Katerina Gassett wrote that they do a twirl and dance when they get a short sale approval that comes in via a fax ! (If you have not read their blog, I would highly recommend it as they are super short sale specialists as well in Wellington Florida)
In any event, this was one of those deals that was referred to me (always great to receive a referral). It was listed twice prior to myself by agents who had it listed super high at a price needed to clear title. Of course it would never sell for that amount nor would it appraise even if a deal was received so the seller lost over a year with bad real estate advice !!!
When I met with the seller, it was clearly obvious that he was a perfect candidate for a short sale as the level of hardship was very high. We had the property under contract within the first month ! Of course we had to go through a couple of buyers - that is the benefit of a lead management system. As soon as the other buyers backed out, we literally had it under contract again within a week.
We work hard !!
What is the fastest short sale you have approved ? And longest ?