Patty's "All Things Real Estate" Blog.

It was never my intention to go after short-sale business.  On the contrary, when short-sales started becomingprevalent in our Pleasanton Real Estate market, I made a decision to stay far, far away from these transaction. I thought it would be better to refer this out to an expert than to become one.   My reasons for not wanting a piece of this market were the following: 

• clients have to wait too long,
• banks take too long,
• short-sale departments at the bank are a nightmare to deal with,
• you could possibly work on a deal for 6-months and not get an approval,
• the bank may foreclose before the deal is approved,
• the buyer walk away if it takes too long,
• houses are in sub-standard condition or disrepair

Did I really want to spend my valuable time working on something so futile?  Fast forward to 1-year later and here I am with 3 short-sale listings.  And yes, many of those reasons I just stated are absolutely true!  What has changed for me that I now am involved in the short-sale market? Simple, education and experience.  There is really no other way to do this than to jump into a short sale transaction and endure the process.  In doing so I have found that it is actually something I enjoy.  It is a challenge and everyday there are obstacles and road-blocks, but there are also small successes and an opportunity to learn something new, which in my opinion, just makes me better at what I do.  It is a very different way of doing business, but one that is just as rewarding.

I  have decided to post the saga of one of my short-sale transactions.  This transaction started last year and  isn’t closed yet so I will catch you up on the past history, move into the future, and you can follow along through  the approval and (hopefully) the closing of this transaction.  I will not divulge the specifics of the actual property,  property prices, or any personal information about the parties involved.  This is more about the daily dealings with the financial institutions and what all parties must endure to get a transaction approved and closed.

The saga will begin tomorrow…….