Posted by: ilovethewestside | December 18, 2009

Santa Monica Short Sale: SOLD

Whew, say that 5 times fast:
Santa Monica Short Sale: SOLD, Santa Monica Short Sale: SOLD, Santa Monica Short Sale: SOLD, Santa Monica Short Sale: SOLD, Santa Monica Short Sale: SOLD.

Out of breath, tongue-tied, annoyed, just gave up? Well you were not the only one. This was how I felt about one of my most challenging sales ever.  Let me explain. I work with my sister, Kristine, and we do lots of short sales. We’ve become very patient with the banks. But, this sale just about got the best of me.

As you can see from when we blogged about this cool townhouse…it was over a year ago. Yes, it just sold and yes it took 1 year. Here is the drama as it unfolded:

November 2008: List the Townhouse, sellers decide to avoid foreclosure and do a short sale, very honorable & responsible decision. We do open houses & have a lot of interest.

December: the holidays hit, we have tons of interest

January 2009: We get an offer & submit the offer to the bank (Countrywide), woohoo! Still tons of interest, agents & buyers calling on a weekly basis.

February: Bank says they have received the offer & are processing it. Dozens of calls & showings for buyers & agents.

March: Bank does an appraisal says they will be assigning a negotiator. Still dozens of calls & showings for buyers & agents.

April: Bank assigns a negotiator, buyer is gone…got tired of waiting 3 months. Buyers, agents, & neighbors requesting showings. Countrywide merges with Bank of America

May: Buyer is gone, on a mission to find a buyer(s). Open houses, showings, dozens of calls a week. Talks of offers…

June: We get an offer, submit to bank, then 2 more offers come in.

July: Bank has received offer, next month an appraisal will be done again

August: Neighbors start to worry their property value will go down as a result of short sale. One decided to sell before the short sale closes, sold in less than 30 days.

September: Appraisal is scheduled & done, buyers who submitted an offer are still waiting.

October: Appraisal is being reviewed. Buyers are still waiting.

November: Short Sale Approval! Finally!!!

December: We close escrow! Seller avoids a foreclosure, buyer gets a great deal!

The saga continues, as we have several short sales waiting for bank approval…

If you know someone who has stopped paying their mortgage or find themselves asking: “should I pay my mortgage, or buy food” A short sale may be an option to consider. For more information, leave a comment or ask a question.

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Responses

  1. This is great and shows people the reality of selling and buying short sales right now. My girlfriend put in an offer for a short sale in January of last year and forgot about it. SEVEN months later the deal went through and they now live in their dream home. Patience is king, it seems!

  2. Thanks Sarah 🙂 Happy to hear your friend is in her dream home. Mahalo ~Kim


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