Jane Loveday - San Diego Real Estate Blog: June 2011

I took a property listing back in December 2010, the owners of the property had already received formal 'Notice of Intent to Foreclose' which means they were being advised by their bank that their payments were in default and the bank was looking to eventually sell it to recoup their costs.

I visited the property, it was in the worst possibly condition you could imagine, garbage, ceilings caving in, evidence of rodent infestation, carpets wet from the winter rains, overgrown vegetation outside and a very murky green pool! However a home just up the street had sold for a very nice price, so I listed it according - half the price!

WOW - was I to be surprised, 16 all cash offers poured in the first week, ALL CASH!! It was not only raining through the roof but raining investors wanting a great deal. I advised them all to obtain contractor bids before submitting their highest and best offer. We finally went into escrow with one investor.

Five months down the road, we finally obtained 1st and 2nd loan approval (same bank) and the investor backed out, two days before closing ..... what's a good Realtor to do? I went back to the original other 15, asked if they were still interested BUT their offer now had to be at the current pre-approval price (which was quite a bit igher than the original asking price). Sweetness happened, several came forward, the first, and quickest to respond, is now going to close on this property 4 days before the actual auction date, will gut it, rehab it and hopefully make his own investment dollars out of it.

Long story short - NEVER GIVE UP ON YOUR SHORT SALE !! It's an incredible amount of paperwork, phone calling, liaising with your sellers, but just simply being on top of it. Am patting myself on the back for sticking in there and learning a lot during the process. Remember, I am here, I can help!