In July 2010 I listed a home for sale in Tolleson. Cute little place - a little too small for the young family living there but they loved it. It was the couple's first home and their two babies were born there. This is a short sale - the economy has been rough on the couple. They went from two incomes to one, and then for awhile from one to none. Thank goodness for family - they kept thinking life would get better and during the bleakest period their parents helped financially.
After some months, husband landed a new job - in California. The little family packed up in a hurry, turned off the utilities and moved into a rental near his work. We got a buyer for the Tolleson house - offered what I'd listed it for. And after a couple of months, the bank decided it was worth another $10K.
Buyer was willing to increase the purchase price by $2K - but the market simply did not support the $10K the bank wanted. The buyer hit his limit, and the bank declined to budge.
So - back on the market it went. And time passed. And more time passed. Not only no offers, no lookers. Not one. Empty house. No power on. Prices in the neighborhood continue to decline.
In the spring, we got another offer - $13K lower than our original offer. I submitted it - and we waited and waited. And waited some more. About a month ago - that would be 11 months into the process - the bank countered asking for an additional $4K - which the buyer agreed to.
That means we have an agreement for $11K less than what had been offered a year ago. We're still waiting for the short sale approval letter.
If the approval letter comes before the buyer changes his mind, and if no deal-killers turn up at inspection, this old old transaction may have a happy ending yet. Great young family - it'll be good for them to get this experience behind them. And a good deal for the buyer too - he has resources to clean up and attend to the last year of neglect. I am hoping for a good outcome and we should know very soon. A year is a long time to wait.
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