The home had been under contract with a previous buyer, the short sale approval process took seven months and the buyers walked. The bank had agreed to keep the file open for a new buyer at the sales price of $477,400 and close within 30 days.
Clark brought a new buyer that agreed to pay the $477,400 and close in 30 days. The bank did not give the new buyer written approval and countered their offer through the equator system, and eventually closed the file... this process went on four months.
Clark investigated comparable property sells in the area, and realized that the property would no longer appraise for the price that the bank had approved for the previous buyer. He discussed this with the buyer, the listing agent and the listing agent discussed it with the current owner. Everyone was in agreement that even if the short sale lender approved the $477,400 price...the property will not appraise for the new buyer.
We submitted a new contract to the short sale lender with a new sales price of $400.000 in June and the short sale lender approved the short sale in August. The closing took place one week later the buyers are very happy...even though it took from March to August to get approval on the short sale they saved $77,400 on the price of the home.
Bev Dudley, Realtor