CLOSED! Lowell Massachusetts Short Sale – with estranged sellers
Short sales are not usually pretty and this one was no exception to the rule. We went through two rounds of buyers, a servicing change and estranged sellers and finally closed. The point is you must be prepared for things that derail your sale, and keep focused on moving it forward to the best of your ability.
I like to say we specialize in divorce short sales. When I do an intake call and speak to sellers for the first time, I assess the situation to see how we can assist in the short sale process and even IF we can assist in that process. When you have one seller who wants to sell and another seller who doesn’t in an estranged situation, you really cannot MAKE the sale happen. If one seller digs their heels in, you will have a big headache ahead of you. Just last week I spoke to a woman who is on the deed, but not note. She wanted to sell, but her estranged ex-husband had no interest. My advice, “It’s not your problem. Let it go to foreclosure,” was quick and painless for her. Her credit wasn’t on the line and why should she jump through hoops trying to make someone do a short sale when they didn’t want to. HE should have been the one attempting a Shirley, MA short sale, but no.
In these situations, we MUST speak to both spouses. I cannot rely on just one spouse or the other, because we’ve seen some crazy things. Once we know both are on board, we can move the sale forward, and thankfully that’s what happened in this Lowell, MA short sale.
This sale had a first with BOA and a second originally with GMAC which got sold to Ocwen. This derailed things, along with the fact that BOA gave us a verbal OK on the
first sale, but then denied it in the end, so we started all over. This obviously doesn’t make anyone happy, but this is also NOT uncommon in short sales. My motto, “Until I see it in writing, it’s not true.”
Either way, we got it done with the help from Julie Baker, in our office, Grugnale Law, and of course Joe Ready, from Ready RE, LLC – We are so grateful to everyone who helped accomplish this long sale.