The short sale is approved!
Just when you have almost forgotten that you have made that offer on a short sale and your buyers have lost faith you get the call. 
I was minding my own business, literally, as I was about to extend the short sale addendum and had sent it off to the listing agent for signature, when I must have rattled his cage. He called me immediately to tell me that it was approved. In fact, he told me before he told the sellers.
So now you have the great pleasure of telling your first-time buyers that their offer has been accepted. And you can hear the shock in their voices. And shock it is. It is now real. Before it was like play-acting the role of buyer.
There is a weird feeling when you hear those words "the short sale is approved." You are not really prepared to move ahead and now have to start scrambling to put everything together.
Fortunately you did have an inkling that things were moving and you had recently informed your buyer that they had better get in touch with their lender to get things back on track.
You have to explain again to your buyers how the process is going to work and what they must expect:
Just because the offer is accepted there is still a lot of negotiating to be done. You know they have allowed some dollars for things like retrofitting, title insurance, transfer taxes, etc. but you know they are not going to pay for the termite inspection and any work involved.
Also, who knows what problems may be found during inspection which will most probably not be paid for by the lender.
This is the real buying process. The rest was just practice.
But, how sweet the sound........
Jane Peters, connecting you to the L.A. real estate scene
Buying or selling real estate in Los Angeles can be an overwhelming process. Contact Jane Peters, Los Angeles realtor specializing in absentee owners, out of town buyers, and those who need that extra attention, in order to make the transaction a smooth, trouble-free, and fun experience.
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Jane - I hear ya on that one. Although I'm a lender I see what my agents go through once they receive contract acceptance. It ain't over til it's over! Congratulations to you and your buyers.
That sound is sweet. Heard it myself today! Congratulations.
Bloody, good show Jane!
Is your state tax credit still going, or are all the funds depleted now?
Jane - Congratulations to your buyers. You must all be thrilled. We jsut got a shrot sale approval a few days ago after 4 months (which compared to some folks is not that bad, but it seemed interminable).. Hope the rest goes well.
Jeff
Nevin, you are right on that one.
Randy, what a coincidence :) Congratulations to you too.
Dorie, thank you. Hopefully it will come to fruition.
Bruce, I would be interested to know. I really haven't heard anything.
Jeff, we were just two months, but the seller does work for the bank, so I am sure that helped. Good luck with yours.
Jane- WOW, congrats and can't wait until you post about the smooth settlement.
Congratulations Jane. I hope the rest is all smooth sailing for your transaction.
Tammy, thank you kindly.
Gary, thank you also.
Great job for seeing that one through.
Now on to escrow closing!
I just initiated my first HAFA short sale this week.
I'm anxious to see how the bank required deadlines expedite the process.
Jane...congratulations....I hope all goes well for you through the rest of the process....
Great job Jane! I'm sure your buyers (and you) are thrilled to death. My clients and I waited 4 months only to have their offer denied....for $4,000 less than asking price on a cash deal. Four months! I'm certain the carrying costs on that home were more than the 4K they rejected the offer on!
Ralph, you will have to explain that one to me one day :)
Barb, thank you.
Craig, mind boggling, isn't it!
Jane,
The sound of short sale acceptance is barely heard these days. Congratulations. But as you mentioned, there are concerns about the lender's cooperation on things like inspections, etc. Hope this reaches fruition.
Cherise, I think my buyers are motivated enough to go with the flow. I think they are getting a good deal.
Jane congratulations! I have one pending right now. It is by far the longest short sale I've had to wait on! My buyer has been patient but it is not a great feeling knowing that its 50/50 chance.
Andi, Thank you. Let's hope the 50 falls you and your buyer's way.
Congratulations Jane, I just read another article about the struggle to contact these banks and getting them to accept an offer. Its really an uphill battles for these homes!
Christine, and it is supposed to be getting better!?!
Jane,
It often seems that anticipation is 99% of the enjoyment in getting something done.. Buyers have been anticipating this very moment. Like you said, now it's time to go to work to make it happen... just been practicing up to this point. Nice article.
Judi, thank you very much. Yes, I think they were in shock when if finally happened. Until then it was not real.
We just got a short sale approval for my buyer's deal a couple of weeks ago. I only had to wait 4 months so it wasn't too bad, but man are you right. How sweet the sound...
Hi Jane-
We had one that was just approved, but neither the Seller's agent nor the or Seller seemed to have READ the letter and affidavit. if was full of items that they didn';t want to agree to, and probably would have found out at close and refused to sign. Now, we're hoping that the Amended request will be approved by the lienholder tomorrow.
Much sucess on yours!
--Sara in San Antonino
Nathan, wow, we got it done in half that time. Congrats though. It is a great feeling.
Sara, oh, I hope you don't have to wait another full cycle for the approval again. If you do and it comes through the sound will be even sweeter.
Congrats on your approval Jane. It is a great feeling to get a short sale done!
Bill, indeed it is. Thank you.
Jane - I agree that for my buyers who have offers on short sales, those are some magic words. However, having said that now, I have a buyer who is just about to close escrow on a BofA short sale that she has heard those words three times in the past five and half month. Thankfully, all went well and we are funding tomorrow and my borrower is ecstatic. YEAH!!!
Donne, three times the sweetness :) Congratulations.
Jane, Congratulations on successfully starting the hell of the short sell....and by the grace of God, may you wrap it up quickly and make some money!
Jane, thank you very much. My buyers really love this house. I am sure it is going to go through.
I guess times have changed. When I was a Realtor several decades ago, I always liked the sound of my own voice saying, "Congratulations! Here are the keys to your new house!" LOL
Russel, wow, how old are you? :)