I recently added the word "RELENTLESS" to my business card. Here is an example of what I am referring to. I just closed this file on Monday. Folow the link below to see the photo of the actual file.
I represented the seller on a Short Sale on a single family home. Wells Fargo had the first loan and Chase had the second. The file was so thick I had to get an additional heavy duty file folder to for the "overflow" paperwork. The bulk of the paperwork is negotiations with negotiations with offer from buyers and with both the first and second lien holders. (Wells Fargo, and Chase) Typically I can close on a short sale in 3 months. This particular file took 6 months due to a variety of situations that arose beyond my control.
Was it worth it? YES, 100%. The seller is facing some serious hardships, and was pretty deep underwater on the home. In the end both lenders agreed to release the liens on the property and waive any future deficiencies, which probably total over $200,000. This means they wiped $200,000 plus of debt out without any right to try and collect in the future. The buyers were a nice family that now have an affordable home for their family with a fixed rate mortgage. The neighbors don't have to deal with a foreclosed property , with overgrown weed and attractive to vandals that is sitting empty.
Many agents shy away from short sales due to all the extra work involved. When I first started doing them, many agents were saying that they stay away from them. Now I am seeing many of those same agents trying to do short sales as they have become a large portion of the market, and there are a lot of hungry agents. Maybe I am weird, but I actually enjoy them. Yes, they can be frustrating at times, but the reward of helping an owner out of a difficult situation, and satisfaction of overcoming a challenging deal is priceless.
www.athomeinsantacruz.com/2010/12/14/relentless-representation-on-short-sale/