Not that you want an education on Short Sales, I know to some people it’s like speaking a foreign language. I’ll try not to bore you, but just a little insight that will hopefully help you to understand just how amazingly Crazy this day has been.

Often during the Short Sale process we get offers that are higher than asking price. That usually happens when the home is in a very desirable area or well priced. We just had one sell in Rancho Cucamonga that fit into that scenario. The buyer was blessed with an excellent price for the home and the banks ended up with a larger amount than the accepted “Short Sale” approval.

The home I’m telling you about today is one of those homes, gated community with a lake, awsome upgrades, just an absolutely wonderful home. From the time IndyMac approved the offer we had several other offers that had come in considerably higher. When we told the buyer we had approval, we found out they had already purchased a different home…this is common in Short Sales. When you decide to buy and get that great deal, you have to be ready to sit back and be patient…really patient. Well this left the doors open to many new buyers that really saw the value in this great home. When we had accepted our best offer IndyMac was set to get an additional $27,000 over the already approved lower price.

A few hours ago I don’t think I could have talked about this day with such levity. In the world of Short Sales we are accustomed to last minute hick-ups and the scurry to provide our lenders things always needed a few days before we can close escrow. So, here we go being silly thinking that IndyMac would be thrilled that they were getting $27,000 more than they agreed to accept on the Short Sale. Not so, funny thing with IndyMac…according to them they were going to have to start the approval process all over again now that we wanted to send them more money! Oh, and by the way it’s going to take another 30 days for IndyMac to provide that new approval to close. Here’s the real kicker, funds were sitting, waiting for wire instructions, the buyers rate expired in 24 hours and IndyMac was not going to bend on their “30 day policy”

We started calling all of our contacts at IndyMac, because our negotiator was MIA. The buyers headed down to our local Senators office with the entire family to beg and plead for help. With Kris and I having so many Short Sales in the works we started going through files and found an email to a Supervisor at IndyMac…it’s was worth a try. We pushed the send button with all of the details about our “non responsive” negotiator, in a very professional manor. Within two minutes we had a response in our email…Don’t worry I’ll take care of it. We were thrilled!! Besides, all we needed was a little piece of paper that said they would accept an additional $27,000. With our troubles behind us we set our for a listing appointment. Cell phone rings, it’s our negotiator, the one MIA for the last 3 weeks. Let’s just say she was a little grumpy…she asked many, many questions all about things that she had initially approved weeks ago. Finally, she found something, it was the commission…yes all of a sudden with no explanation, our friendly negotiator demanded that the commissions be cut by 1%. Well of course we will, right? We did ask why it had been approved before and is changing now??? There was no answer just silence….but we “got it” It’s like telling the cook how bad his food is, now go fix it! Not a great idea, you never know what goes on in the kitchen.

All in all it’s been a great ending, the sellers will not have to deal with a foreclosure haunting them and the buyers are thrilled about their new home!

Kim Darney