Today is 12/31/09 and much to my surprise I had a closing today. I’m sure you’re wondering how I might have a closing and not know, well when you have a spectacular team and do your prep work correctly, things just close! The majority of my work as the short sale negotiator is to thoroughly prepare the file for submission, guide it through the bank and if you’ve picked a good buyer and agent, the rest can surprise you. Simply put, after I receive the settlement letter from the bank it’s up to the buyers agent to guide the buyers through the loan process. I know for sure that this buyer’s agent worked her butt off to get this closed. The original close date could have gone until 01/12/09, but her clients wanted to close and we weren’t going to stop her!
First, let me say that this file from the inception has been the one of the hardest I’ve had to close (on the banking side); two loans, two banks, no cooperation. Our initial approval on the first mortgage did now allow for much to the second mortgage and only gave me 20 days to close! There was not an approval on the second mortgage yet and the time frame was unreasonable and never going to work. The buyer was FHA, which in and of itself can take 30-45 days to close. So, I resubmitted for an extension to the first mortgage, when I submitted I asked for more for the second mortgage… and I got it!
Then I resubmitted to the second mortgage. They too, asked for more money (which I knew would happen.) Because I had accounted for the new approval amount, they had expected the amount. What we didn’t expect was that IN TOTAL it was $8K less than what I had originally received approval for. The buyers were elated and at the end of the day my sellers were no less pleased, the settlement is the same.
Then it was the buyers turn. Inspections were ordered, appraiser was sent out, remaining documents approved. During inspections a few items were found that were seemingly ridiculous but pertinent to close for the lender, i.e paint chips, discolored exterior, a beetle infestation. Not real sure how she did it but the agent was able to schedule and handle all the repairs within 24 hrs.! There was some risk involved for the buyers with them spending money on the repairs of the house. HOWEVER without the repairs it was guaranteed that the house would not close.
Later that night we received a clear to close. Docs were sent to the lender. Still one more hurdle to overcome, title had to get them to a mobile notary in Southern CA, our buyer was on the way to Disneyland! They signed and docs were sent over night back to title. Final settlement statements were prepped and one last final approval for both of the lenders… and now we wait to record…
Working towards a favorable solution? CALL Jennifer (916) 230-3880