Ginny's RI House Hunt Blog: June 2013

Are We There Yet? RI Short Sale Enduring Climb

Are We There Yet?  RI Short Sale Enduring Climb 

My short sale sellers keep asking me are we there yet?  Again another RI short sale which is taking longer to close.short sale travel road in real estate  Yes, even the short sale approval letter has been in my hot hands for weeks now.  However, the buyer is doing a rehab loan which has now moved into another loan product so she can do the dollar upgrades the loan program requires.  See as a listing agent, I wanted to make sure the soundness of a buyer meets the needs of the seller.  It was one buyer and one seller and a lack of other offers.  As time dragged on the seller just wanted a good offer to move it forward and the seller had one.

It had to be a cash offer otherwise for this house due to the amount of lead paint remediation, etc. that is required.  No reasonable cash offers came in ...except extremely low offers.  Not considered by my seller.  Every dollar less than needed would mean the seller will need to pay in a partial promissory note back to the lender.  No mortgage dollar forgiveness is given with RI Housing loans (i.e. no short sale deficency waiver).  Although I am finding that this lender is not being terribly burdensome to the seller as they have been in the past on RI real estate short sales.

So in this short sale the HUD contractor gave his bids for the exterior and interior house work to be done.  The HUD consultant came out to review, add to required repairs and establish a must do basis for this short sale buyer.  The improvements required by HUD are tough such as pouring a concrete floor into a basement that has no exterior access!  It is a home improvement required.  The seller says I want to keep this buyer and we will renegotiate purchase price.  So it moves along at the lenders level and now passed to the MI (mortgage insurance) company to see the final outcome.

It is an enduring climb on this short sale I feel will work out for my short sale seller.  But again who knows.  Are We There Yet?  I am saying my prayers! RI Short Sale Enduring Climb.

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Ginny Lacey Gorman is a Rhode Island waterfront Real Estate Agent who works and knows the North Kingstown RI geographic area of homes for sale, schools, happenings and important tidbits of information well.
 
Coastal, water view, ocean front, luxury and waterfront Rhode Island real estate are my specialty.  If you are considering Buying, Selling or Relocating to Rhode Island and need a real estate Professional it would be my pleasure to help you!    When you are in need of an internet savvy RI realtor® who sells homes in this real estate marketcall Ginny today at 401.529.7849 or email at Ginny@RiHouseHunt.com. 

This blog © and its contents is original to Ginny Lacey Gorman

the RI waterfront Realtor of Choice

 

Ginny L. Gorman, a purveyor of Fine RI Waterfront Real Estate   

Specializing in waterfront, ocean front, vacation, coastal and luxury homes for sale in North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich RI and beyond ...  I sell dreams!  Because there is no place like home...the RI Real Estate Agent in the Sparkly Red Shoes.

 

Looking for a knowledgeable Rhode Island Real Estate Agent?  Let me GOOGLE one for you!

            

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Comment balloon 11 commentsGinny Gorman • June 29 2013 03:40AM
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