I've been doing a lot of short sales lately and everyday I come into the office and grumble to my partner that as soon as these are closed, I'm not going to accept any more short sales. They are too time consuming and tedious! Then when I think about it for a minute I always decide that I'd better get good at them because they are not going away and will probably be a big part of our business for the next few years.
I've been working on one deal that has 3 mortgages. At one point when Lein #1 refused to give any money to Lein #3 and Lein #3 refused to settle outside of escrow we just about gave up. When I called my fabulous escrow officer to let her know we were cancelling and her life was about to get a little easier she said "Darn! I was looking forward to the challenge!". Since then my client had his attorney call Lein #2 to see if they would settle outside of escrow. They said yes and we are back in business. Thank goodness in this economy we still have positive people with great attitudes all around us.
Today I received the approval letter for a short sale that I've been working on for about a year. The property has had a buyer for about 6 months. My clients have tried everything including going to mediation with the bank. The bank's attorney couldn't even get a hold of their own client in a four hour time frame and the mediatior told each party they had to start all over! Finally today we got approval and I came to realize one thing.... the harder you work on something the greater the reward is at the end! Maybe I will keep doing short sales for a while....
