The Short Sale Miracle on Brookmeadow…

(originally posted on 8/17/10 on Lola’s Active Rain blog)

The View from the House on Brookmeadow…

The idea started to percolate after reading the article.  A small write-up about a local real estate agent caught her eye. She had toyed with the idea of putting the house up for sale before, but this time the process proceeded rapidly. Signs, pictures, internet promotions and potential buyers all appeared in rapid succession.

As November blustered its’ way into December, the cold chill of winter finally yielded to the unrelenting sunshine of spring.  But, it seemed that inside, an eternal winter had settled in for the long haul.  Potential buyers remained skittish about putting in offers.

Meanwhile, the free fall continued unabated.  I watched as neighbors lowered their expectations.  My proud community was plagued as distress sales wrought havoc with pricing.  Responding to the new ‘abnormal’ required her to follow suit.  I could sense the sadness on so many levels…For within my space, so much had happened between us.  If walls could only whisper…

The Process…

heart healingThe process dragged on without a good end in sight.  The Redemption Period was drawing to a close and even with drastic reductions, the prospect of an offer seemed dimmer every day; an odd tension settled in…life in mute…suspended between hope and despair.

A hope that was dashed by the call at midnight.  A beautiful life…gone.  Time stopped.

As friends gathered to mourn, a knock was heard.  Two strangers stood on the front stoop.  There had been no call.  These individuals stood outside, unaware of the situation..the pain and trauma; asking on the spur of the moment to see the home.  Somehow, she managed to open up a heart pried shut with pain. Somehow, she found the strength to allow them in.

The Offer…

Life is curiously strange.  How is it that the real estate agent without a scheduled appointment who arrived on what could be deemed the worst possible day would be the one to present an offer on a Short Sale within the last couple of weeks of a Redemption Period in a non-recourse state?

The lady at the bank must have struggled to control herself as she explained that this just WOULD NOT WORK! Banks don’t negotiate Short Sales which only have 2 weeks left for the Redemption Period.  The lawyers said so too.  It couldn’t be done.  The deal was dead before it even had a chance to breathe.

A week went by.  Lazarus remained entombed.

Then out of the blue a call came in asking to gain access for an appraisal.   Was this some sort of evil scheme to steal the home back ahead of the prescribed time?  No one seemed to know WHO gave the offer.  The representative who answered the phone at Bank of America emphatically denied that an order had been given.  The lawyers also swore they hadn’t ordered one.  The appraisers themselves could not explain the origin of the appraisal order.  So entry was DENIED.  Lazarus continued to sleep…

A Man Named Noah…

He reached her that Friday evening.  The end of a long, difficult week.  He wanted to know WHY access had been denied.  Access that was vital to continuing the Short Sale Process.  Confusion??  Had he not heard? Short Sales CANNOT be completed in ONE WEEK!

The appraiser had already re-booked his schedule.  He would not be available to conduct the appraisal until Tuesday morning.   Then on Monday evening, Noah called to say, the file had been CLOSED.  After further inquiry it became clear that the company assisting with the Short Sale process had come to the conclusion that every normal thinking person would come to.  This deal could not be done.  It was a waste of time to try…

But to Noah’s credit, he re-opened the file.  One which was as good as dead.  He was frank and careful to temper expectations.  He promised to do everything humanely possible to assist, but also admitted that he had NEVER seen a file like this close within a week!

A Lady Named Mandie…

But Mandie, didn’t believe in giving up.  She had walked through tons of homes with this buyer.  And they both knew this was the one!  The conversation between both agents was starkly honest.  The stakes were high and neither agent wanted to contribute to any additional chaos to the lives of two sets of clients.  After consultation and laying all the cards on the table, the decision was made to proceed.

It takes a team to do a deal.  This one included Kevin, the lender who completed an FHA transaction in 7 days, Katie the title company representative who cleared title in 24 hours, agents on both sides who refused to let go and a buyer and seller who pushed through despite the very real potential for disappointment.

And Today…

Today, a week later, the transaction Closed!  A transaction which would have been difficult in far better times.  One which could be certified a miracle today.  With literally hours left till the closing of the Redemption Period, the transaction was completed.  We marvel.

I think that angels sometimes play dress-up.  How else can you explain a Short Sale approval from start to finish in less than 48 hours?  More importantly, I believe in a God who IS able, one who answers prayers and is concerned about the challenges we face including the mounting obstacles of so many who are mired within the gridlock and despair of the Housing Crisis.

And…I am reminded that absolutely NOTHING is impossible.  No matter how difficult things seem, there is a Father who cares.  During one of the most challenging days of this journey, a man named Bob posted this video on his Facebook page.  It’s a reminder that God doesn’t just look at our struggles, He steps into them with us.  Perhaps, you’re facing an obstacle course which seems to have no end in sight.  Be encouraged…Don’t give up.

Picture courtesy of saxonymosely on flickr

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