Short Sale - Week 10

This is Part 10 of an on-going series documenting my most recent experience attempting to use Bank of America's Equator system to complete a short sale. You can find earlier posts in this series at:

Short Sale - Week 1

Short Sale - Week 2

Short Sale - Week 3

Short Sale - Week 4

Short Sale - Week 5

Short Sale - Week 6

Short Sale - Week 7

Short Sale - Week 8

Short Sale - Week 9

January 13, 2011

• The final fee negotiation is now settled. The buyer and seller have agreed to accept the investor's offer as it stands, and I notify Equator and escrow that we can move forward with closing. I ask escrow to prepare closing papers as soon as possible.

January 14, 2011

• I meet with the seller to make sure she is clear about when she needs to turn the home over to the buyer. I also discuss what condition the property will be in at close. I am relieved to learn that she intends to make sure the home is in good condition at close.

Analysis - Days 64 - 70:

With the resolution of this last closing cost, I am feeling like this escrow will actually close. I understand that nothing is over until the bank says it is. And I also realize that things go wrong at the last minute. But, at least on paper, all the parties seem to be in agreement.

Hint:

This can be a very emotional time for sellers. Up to this point, the idea of going through with the short sale - and losing their home - isn't quite real. Help your sellers plan the transition. Explain that it would be a very nice gesture to leave the home clean and neat. If the sellers balk at this, gently remind them that it's not the buyer's fault that they have economic problems. The buyer is simply looking to take over the stewardship of the house and maintain it as a nice home.