"SS" Novela 12

Chapter 12 “Accept and Approve”

So after receiving the COUNTER, I called the BUYER and asked if they were good with saving 17K and apparently they were (who would have thunk it), so we accepted the Lower COUNTER OFFER from LENDER and away we went to closing.

NOT so fast Kiddies…..

This particular Short Sale (like most) has a FIRST NOTE and a SECOND NOTE encumbering the property (some have 3 or more). We now have the approved for the FIRST but what about the SECOND you ask?

Good question…
This conversation has been going something like this:

August (Start of Short Sale) Me; “Do I need to negotiate the Second Note

Lender; “Nope, we take care of it simultaneously

Me; “Cool”

A couple of months in to deal and knowing that the First is about to be approved I ask….

In December; “Hey do we have an approval letter for the second note”
Lender “Your Good, it’s approved and it’s on the HUD”

In January; “Hey do we have an approval letter for the second note”
Lender “Your Good, it’s approved and it’s on the HUD”

In February; “Hey do we have an approval letter for the second note”

Lender “Your Good, it’s approved and it’s on the HUD”

In March; “Hey do we have an approval letter for the second note”

Lender “Your Good, it’s approved and it’s on the HUD”

By now you should know where this is going…..

One day before CLOSING and we still have not seen an official Approval letter for the second note so I go old school and call someone (yes, I used the phone) and someone actually picks up.

Me; “Hey do you have an Approval letter for the second note”

Someone; “Yes, I see it in the file”

Me; “Great, any chance of sharing that little nugget with me?”

Someone; “Sure, its on the way”

Me; “Mucho Thank yous”

Magically through the Interwebs the Second Approval shows up and with great relief, I open the file and read……..in RED letters

APPROVAL EXPIRES 11/25/2011

Just a quick WTF; This second note approval expired prior to the First Notes approval.

Now what?
Will we be able to close?
How will it all end?

Final Chapter next!

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