Posted by: Roby Robertson | May 29, 2010

Finally, Lake Norman Short Sale Success

Finally…

After months of waiting, the bank has countered on one of our short sale listings. Actually the only thing affected by the original offer was the commissions paid to agents.  The bank agreed to the terms offered by the buyer!

So, the buyer offered within 3K of the asking price.  The BPO ordered by the bank came in within very close range to the list price.  All of these factors led to a very rare deal coming to fruition. 

Statistically speaking, very few short sales make it to closing.  The reason is that the  buyer is unrealistic about the offer amount and the bank either never responds or counters back at a price the buyer can’t pay.  Banks are not giving homes away even though the perception is that short sales are great deals. 

Interestingly in the case of this home, there were 4 offers.  As is almost always the case, buyers lose patience and walk.

I am very thankful that it looks like my seller is going to avoid foreclosure. I am also thankful for the patience of the buyer! 

Even though the process is going on about 6 months, it looks like finally we will make it.  YES!

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