Happy Short-Sale Story

December 22, 2008 at 5:12 pm Leave a comment

I went in for my regular annual check-up this week. To my surprise, my doctor still remembers me even though I have not seen her for almost a year. Thank goodness for staying healthy and fit. During my doctor’s visit, I came across a nice lady named Karen who works at the check-out desk of the office. She told me about her short-sale story with a wonderful ending.

Karen felt the need to move out of her mobile home after a divorcing an unfaithful ex-husband. She put her mobile home up for sale and started her search for her new dream home – a home that would give her and her 9-year-old daughter a fresh start and new memories.

She got connected with a Realtor who had listed a home that she liked but was priced over her budget. She was shown many more homes and fell in love with a short-sale listing at East Mesa. It was move-in ready, with a huge lot, mature trees, guests quarters and many rooms. Thanks to her excellent credit rating, her offer was accepted from among multiple offers.

However, knowing it was a short-sale, Karen knew the process would take time. In the meantime, she was shown 27 other homes, but her heart always came back to the short-sale listing. She made the offer in June and one day in September, she received a phone call that her short-sale offer was approved by the seller’s lender.

To add to her euphoria, her mobile home sold around the same time. She got the home she wanted at an incredible deal: $135,000 for a 2,700-square-foot home ($50.00 sold price per square foot) in an established East Mesa location, with more money to put down and she did not have to pay two mortgages. She is paying just over $1,000 a month, including taxes and insurance, at a 4.5 percent interest rate. I think someone up there is watching over her.

Her advice to future home buyers is to ” short-sale can be frustrating but if you go for what you want and , be patient, good things can happen” she said.

Like many short-sale transactions’ endings, this one provides encouraging news for those attempting an offer on a short sale. Short sales are not for everyone. But, if you are patient; can deal with some degree of frustration and have the time to wait, a short sale may work for you. Karen’s story shows that short sales can be successful and a way to get a fantastic deal

Entry filed under: Arizona Real Estate, Foreclosures & Short Sales, Real Estate Deals. Tags: , , , , , , .

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