There’s so much information (and mis-information) all over the news and the internet these days about short sales and foreclosures. It’s definitely a fascinating time as a professional Real Estate Broker, to be involved in the nitty-gritty, day-to-day aspects of an industry experiencing a tremendous amount of change on a daily basis. And it makes my story today all that sweeter to tell – Jan Nores R (S) saved (another) seller from foreclosure.
Jan Nores, R(S) is a seasoned professional. With nearly 30 years of real estate sales under her belt in both CA and HI, Jan thought she had seen it all… until Opae Street came to her as a short sale listing, nearly 18 months ago. “I never imagined it would take me over 1,000 hours on the phone with the banks to broker a deal,” says Jan. The problem? WaMU (Washington Mutual). Apparently WaMU had a second note on the property and they wouldn’t sign off on the short sale transaction for anything less than $15,000. Sounds reasonable, until finding out that the bank holding the first mortgage – HOMEQ Servicing – has a short sale policy stating they will not authorize anything more than a $3,000 credit to any lien holder in a second or more, position.
Hmmm… what’s that feeling when you’re stuck between a rock and a hard place? And you’re so consciously aware of the fact that an enormous amount of public tax dollars are currently being spent to “help” these banks out of their financial mess? Where’s the reciprocation? Where’s the love? What on earth is going on here?
Good thing for Jan’s seller, he had Jan – and her tenacity – on his side. She never gave up on him, not after the first three escrows canceled, not after the next three escrows canceled, not even after I gave up when the seventh escrow canceled and the bank announced it would be immediately foreclosing on the property. Jan never gave up. She snatched that property literally out of the jaws of foreclosure, put it back into escrow one last time, and did not stop until she had brokered an agreement between all parties. It closed on Friday… and went to a super happy buyer – they got the deal of the year! And we had a super happy Seller who did not have to deal with the repercussions of a foreclosure. We also have a super happy Realtor – Jan Nores, R(S) – who can sleep at night knowing that she did the right thing, 1000+ phone hours, and all.