This Blog was set up for those of you who would like to follow my first Short Sale as a Listing Agent so that we may all learn from this experience - together. Let’s face it, Short Sales are not going away anytime soon.

Each evening, as an event takes place, I will do my best to capture what happened here in this blog. Please Note, I’m not here to win any spelling prize, as my spelling is atrocious, at times it is so bad my spell checker will ask me, “What are you trying to spell?” But I will do my best.

First I would like to thank those who offered their help with this, Janet Hamm, Jane Adair and Charles Heaton, who was the first to approach me, so Charles and I are working together.

This is mot to say I will not accept the advice and knowledge from others.

I would also like to thank Jeanie Shea - my Team Leader, for always being there!

The home in question here is 4438 South Shades Crest Road MLS 412869. You can see a video of this home at http://www.youtube.com/watch?v=dwERfDpWPy8

It is a nice vacant three bedroom 2 1/2 Bath home with full basement that sits on 0.62 acres in Helena, but with the 35022 zip code. All-in-all there is nothing wrong with the home.

Ok, here is the background of how this home found it’s way into a Short Sale.

I have had this listing since 6/9/08, however, it has been on the market since 11/2/06! The home has been vacant since around 4/10/07.

The home was appraised back in Nov 06 for $215,000. Here was the first of many mistakes, caused by the homeowner NOT listening to their agent. As I said, back in 2006, the home appraised for $215,000, however, the homeowner wanted it listed for $229,900 - $14,900 overpriced for that time. Add to that, the agent at the time did the math wrong when figuring out the acreage. The property is a pie shape and to figure the acreage of a pie shape property, one has to take the Height X the Base and divide by two. What this agent did was take the Height and times it by the Hypotenuse (the slope). So it was first listed as 2.3 acres, where in fact, the home is only 0.62 acres.

Since I took the listing, it has been a fight to get the current owners to lower the price. The three times I did get them to lower the price, they would lower it about $5K to $10K higher than the price I would recommend. The first time I told them it should be listed at $183,900, but they wanted $$194,900. I know, I should have stopped right there and walked away, but I didn’t. The last price change in June, I told then to lower the price to $160,000 and expect to sell it for around $150K to $155K, and even then three years later, they still bring up the $215,000 appraisal from Nov 2006.

Now the husband has be diagnosed with an inoperable brain tumor and will loose his job next month, so now they have no choice but to go Short Sale.

Next Blog will have the first call to the Mortgage Company and what is going on there.

Feel free to ask any questions and/or post any advise

 

Start writing here…