This short sale happened pretty quickly. From listing to closing day was just under 54 days.
The negotiator was literally unavailable so I was told by the CSRs that the offer had been rejected. But here’s the kicker: one CSR revealed that GMAC’s latest estimate of value was actually less than the offer. You heard me right. The offer was for more than GMAC’s estimate of value.
Call me crazy, but rejection of the offer defied logic to the nth degree. My response:
“You mean to tell me that GMAC’s estimate of value is lower than the offer and yet the offer is being rejected? In other words, I need to focus my efforts on the remote possibility of finding the one unwitting investor that would be willing to offer $5000 more than the list price?” (GMAC actually was shooting for a net of $5000 greater than their estimate of value).
Enter GMAC executives. Armed with the email addresses of 8 GMAC execs, I sent a mass email to them all on 11/7/11. The very same day, I got a response from one of the execs. Two days after that I received a call letting me know that the offer was back in the hands of the investors and that I would have an answer by the close of business day on 11/8/11.
On 11/8/2011, they kept their promise. I got a response of “APPROVED.” Got the approval letter on 11/11/11 and after jumping over some other hurdles, we finally closed today.
Another Birmingham Alabama Successful Short Sale.
The seller’s happy. The buyer’s happy. And I’m happy.