Hurry up and wait
By: Geno Petro,
Chicago's Home Weblog,
Post Archive,
RSS FeedPosted: Sunday, October 19th, 2008, 6:16 pm MST
Category: Disintermediation, Real Estate
Wake up at 11:00AM. Drink a pot of coffee. Smoke a half pack of cigs. Do nothing for the rest of the day. This is my Will.
My Reality, per contra, dictates otherwise. Wake up at 5:55AM to the clanging of the Metra train bells across the street. (I don’t know how but at least 20 people a year find a way to get run over by a commuter train in this city, thus…the clanging bells at every turn and at all hours of the sleep cycle.) One medium cup of half decaf because my doctor is a cruel and unusual man. Smoke nothing because I kicked the actual habit years ago (although mentally, I’m still a two pack a day guy). Do nothing for the rest of the day.
And by doing nothing I mean waiting around in my real estate uniform, ‘tapping my last season’s Pradas’ (Legally Blonde), waiting for all my short sale deals to get final bank approval and inch along to the next stage of amortized gestation. Actually, I only have two of these nightmares recurring right now but they are so big and the characters involved so vivid, it feels like I have ten. Both deals are mid-seven figure offers and either can come unglued with the first hint of a strong Lake Michigan squall. I keep reaching for a smoke but like I said…
I consider the sellers in these scenarios, both developers. I ponder how, not so long ago, they were prospering in the ponzi schemes of their countless construction draws only to find themselves now languishing under a landfill of recycled paper debt, cheering my clients (the buyers) along from beneath, handcuffed and shackled to whatever is left of their decomposing credit ratings. I make a mental note to inform both of my parties that the traditional Builders Warranty probably isn’t worth the bad paper its written on. They will probably both want to lower their offers. Again. He who cares least wins. Hey, ‘leave the gun, take the cannoli.’ (G-father)
I go to bed early as there is nothing left to do but wait. Wait for the clanging. It reminds me of the closing bell on Wall Street only not as duplicitous and with much less at stake. I get pinged. Bank number one is supposed to sign final papers tomorrow. My phone is charged and my tank full, ready for my rabbit runs. Over the weekend, bank number two got eaten by a bigger fish in the silver sea and my contact person was thrown overboard with a deflated life vest and last weeks chum. ‘Wilson!’ (Castaway)
I refuse to mentally count the money.
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Related posts:12 Comments so far
Short sales are such a PITA. We had seen solid offer after solid offer get killed earlier this year. IMO The banks had some false sense of hope that prices really hadn’t gone that low.
Wonder if they are stalling even longer currently hoping that some of the bailout money will help them move these bad mortgages off their books and into the hands of the tax payers….just a thought.
I feel for you man, I have one of these monsters driving me crazy. Thankfully my other buyers of the fall, have headed my words or warning, If you want to move into your new home before the new year, you may want to buy a home that is not a short sale.
ken and J,
I guess that’s why they call it ’short.’
G.
Short sales are a nightmare. I had a offer of 850K (cash) on a 900K listing that the Seller took 4 weeks to think about. It was from a European investor and over the 4 weeks the dollar weakened so the same Euros that would have been worth 850K were then worth closer to 800K. So they lost the buyer and now, many months later they are listed for 799K.
The same thinking that got them into this mess is not sufficient to get them out of it!
dan,
I lost one earlier this year in a multiple offer. We were full asking price but my buyer wouldn’t accept the almost immediate closing date the bank countered. Ironically, the house didn’t actually close until 5 months later. I’m sure the ‘oh yeah, top this’ stories can go on and on with this subject. I didn’t even know what a short sale was 2 years ago.
Short sales or maybe the right is “potential short sale” are a PITA. Usually the reason for a bank rejection is they see additional substantial resources and reject offers because they are of the opinion that the seller can come to the closing table with the cash.
Needless to say - the less properties on the market, the sooner the prices will stabilize.
I just had a smoke for ya.
A little Saturday Night Live Humor for ya, Geno:
Short Sales: They are neither short, nor a sale…
Discuss amongst yourselves.
I am feeling a little verklempt (sp?).
Linda Richmond (errr…Eric)(grin)
Thanks Ardell. BTW, will you take a drink for me too? Haha.
Your Midwest friend,
Geno
eric,
It’s always struck me how similar Jewish and Italian mothers are except for maybe, the guilt; guilt and of course, the urge to verklempt…
[...] friend Geno reminded me today that some are in the “leave the gun; take the cannoli” stage of [...]
“The only difference between buying a short sale and buying a foreclosure is whose head is at the end of the gun, and whose cannoli will taste better in your mouth after all’s said and done.”
Thanks for the inspiration…I’ll have that drink for you now. It’s coffee…and a smoke.
http://www.raincityguide.com/2008/10/21/leave-the-gun-take-the-cannoli/