Short Stories
The Typical Short Story…
Great, South Hill Puyallup family home in super condition and easy to show. On the market for 4 months with 5 price reductions (totaling $20,000) before a buyer made an offer. During this time the home was given a foreclosure/auction date. It took 2 months to get an approval for the first mortgage, preliminary approval from the very difficult HOA and the beginnings of negotiations with the second mortgage. At this point, the buyer decided to move on. The home was put back on the market with a $10,000 price reduction. 6 weeks later 2 offers were made. The first offer stuck and 5 weeks later a new approval was given by the first mortgage. 2 weeks later the second mortgage approved the short sale and a quick 3 weeks later the sale closed! The banks approved the sale for $64,000 less than the seller owed.
Fast, Furious and Lucky…
Client was given a foreclosure/auction date within 4 months of missing payments on their fabulous, custom built home. We put the home on the market lickety-split and at $70,000 less than market value. In 4 days an offer ($50,000 higher than listing price) was made and accepted. 2 weeks later the buyer moved on. Less than a week later another offer was accepted. Unbelievably, an approval from the first mortgage came in less than 4 weeks. 2 weeks later the approval from the second mortgage, a HELOC, was negotiated. The sellers agreed to (and were luckily able to) bring $7000 in cash at closing allowing the $xxxxx HELOC to show paid in full*! 5 weeks later the buyers were luckily able to complete their intricate financing and the sale closed! Between the 2 banks the sale went through for $190,000 than the seller owed.
*See the Seller’s WHY? Page for more info on HELOC
Like Clock-work Short Story….Great family home in a new, outlying neighborhood. On the market for 3 and half months with 5 price reductions (totaling $20,000). An offer is received and accepted. Only 2 weeks later the buyer moved on. The home is put back on the market and 6 weeks (and 3 price reductions) later a second offer is received. Almost 4 months later an approval is received and after some heavy wrangling with the HOA the sale closed 5 weeks later. The sale closed with the bank accepting $73,000 less than owed and the HOA took $1800 less.
Not so Happy Typical Short story….
Okay house, okay neighborhood. Easy to show and priced right. 11 months and 10 price reductions (totaling $55,000!!) later the house was foreclosed on by the mortgage holder.
Unbelievably Stupid Short Story….
A great neighborhood but the house is definitely a fixer. It needed a ton of work but the location made it appealing to investors and do-it-yourselfers. 4 months on the market and 5 price reductions (totaling $18,000) later and an offer was accepted. It’s a low offer but it’s based on the amount of work needed. Only 1 month later, a counter offer from the mortgage holder is received. The counter offer is for $25,000 more than the buyer has offered. The buyer moves on, of course. The home is put back on the market and a new value is requested from the mortgage holder. A full explanation and proof of work needed is sent. Amazingly, the new value from the bank is $5,000 HIGHER. The house goes to foreclosure.
* Follow-up, the house was put back on the market owned by the bank at EXACTLY the same amount as the first, rejected offer! *
Sad but True Short Story….
