Active Rain July 28, 2010

Another Successful Short Sale Closed by J Philip Real Estate


J Philip Real EstateIt took 13 months, but we finally closed on a short sale in Poughkeepsie that I originally listed in April of 2009. It took 4 months to get an offer, but there was a nightmare process getting assigned a negotiator and then a title issue was discovered that took another 3 months to clear.

At one point, the buyers, who were paying cash, asked for their money back. All deadlines wee past, so we had to comply. But we kept in touch, and when the title issue was resolved, we  told them. And they agreed to come back to the closing table. 

Throughout the process, my client was a mensch. A widower, he wasn’t the tidiest guy going. But he was always cooperative with showings, and if we needed a document or signature, he was on the case. He was a real pleasure to work with, and that is important to note because most sellers in a short sale are stressed to the max and often get frayed edges after a few months. Not so my client. 

On July 12, we closed. It took over a year. We never had an auction date set because we kept in close touch with the lender, we kept the buyer and buyer’s attorney in the loop, ( and that factored in to the buyer’s returning to the deal after they walked), and we had to be tenacious. It took some serious teamwork. 

I love it when hard work pays off.