Needed Repairs vs. Short Sale

Our Veteran buyer had an approved short sale contract on a Hollister home.  The bank’s approval limited the amount they had to net from the sale.  There was NOT enough to cover all of the repairs from the termite company’s report.

The seller had no money.  Our buyer could not pay for any of the repairs.  The listing agent and I had already agreed to put up a portion of our commissions toward the cost.  Yet there remained a list of repairs to do.  At the close of escrow no more options were available.  We were at a stalemate.  

The seller offered to help to fix a couple of repairs with materials he already had.  I took the remaining list of items and figured out a plan to get them done.  I bought the necessary supplies, rounded up 3 others and on the Saturday before it was to close we spent 7 hours doing those repairs. 

With Western Exterminator’s pre-set re inspection on Monday morning and e-mailed clearance to the lender that same day we funded on the very last day possible. IT CLOSED!  The seller was freed up. My buyer bought a great home at a great price.  The listing agent and I got a little bit for our 4 months of work. Everybody came out okay.

Winston Churchill’s famous, 5 word speech comes to mind: “Never, never, never give up”.