Also wish you were riding to NAFO with us, Ricardo! I hear you loud and clear about frustrations of short sales, this Spring I had my Realtor/Property Manager Pamela looking at buying another rental property for me here in Chandler.
We both wasted so much time and effort, I finally said forget this ****! This was going to be a cash deal too with no financing required, I just handed El Dinero to my Investment Banker Travis and told him to make me profits that way!
I hear you, senor. My ex tells me that somewhere between 1 in 3 and 1 in 5 short sale contracts have been closing in the last couple years, but that may be getting better from this point forward. Most sellers walk, due to the frustration, delay and lack of the kind of contractual certainty you see in most ("active" listing) arms length property transactions between just the seller and buyer (without bank/investor negotiators (whom you never meet or talk to) making the most important decisions).
I'm a real estate attorney, or was, before May. :lol: My ex is my broker/agent, very experienced in this area, also an attorney, and about to take a job in Monterey as an attorney again -- specializing in facilitating short sale transactions. My sister is the real star -- most senior branch manager of a large escrow company, used to own her own escrow company, ~35 yrs as an escrow officer, has closed well over 10,000 escrows and she's been specializing in REOs and short sales the last few years. And the escrow officer with the title company up here in my deal is the best in the area according to my ex, and he is demonstrating some real savvy dealing with the negotiators. Point is that I have the benefit of the best experience and advice available as I do this. And I have gotten some amazing insights, esp. from my sister and Rob, my escrow officer. Over a beer one of these days, mi amigo.
Heck, the first negotiator gave all of us just over 6 hours (10:40 am to 5 pm) to pass something between 5 people and respond in writing, with notarial acknowledgment. In most of the real world, this would have had a 48 hr. fuse on it. We had it back to her by 5:30 pm, a half hour late. So what does she do? Close the F'ing file!!! We had to resubmit the whole package (huge pain in Rob's arse), but that got us a new negotiator, too, so it wasn't all bad. My sister's insight on this is something you don't even hear at seminars . . . yet. . . and if you buy the first beverage, I'll happily share.
Anyway, I think it's a great house and I will probably end up with it, due to having spotted it early, made an offer early and mostly, just plain perseverance with the encouragement and assistance of some really experienced pros. But nothing's certain in these things until the deed is signed and delivered.
If not Old Michael, I'm assuming madmike2?
Nah. Too old, too big, too ugly. I know he takes solace in that, too.
Besides, I haven't signed up for the Reverand Ted Haggard's preference conversion program yet. Will let you know what they charge, course curriculum, etc. when I get to that point.
DAMN, BUT I NEED TO RIDE!!!! Where's that expected call on MC insurance from my new broker?
