Hi, Steven and Karen here...

Last week was wild...we submitted our first short sale packet!

This short sale was a bit different than most, in that we had to make a phone offer first. It was really nerve-wracking because usually when you submit a short sale packet, you are building a case, document by document, for the offer you are making on the house.

I was concerned that by just making a phone offer first we would get kicked out without the opportunity to describe the seller's hardship and the work to be done on the house.

However, the offer was accepted, and they also gave some guidelines.

There would be no BPO, so the rep I spoke with suggested we get a contractor's estimate. Fortunately, we had just seen a flyer for a contractor who gives free estimates and he turned out to be pleasant, honest, and knowledgeable.

Then we had to find a buyer first and submit his pre-approval letter when usually you find the buyer after the offer has been accepted. Fortunately, we found one. It is a guy who had a house on one of the local REIA rehab tours back in the summer.

While at his attorney's office going over the contracts we found out from his lawyer, who thankfully was fair to us as well, that the seller owed over $6,000 in back taxes. The seller was not aware of this either...he thought it had been discharged in a bankruptcy a few years ago. We had to call David for advice!!! It is invaluable in these kind of situations to have someone experienced to call on.

This short sale was undoubtedly THE most stressful thing I have ever done, but we got it done! I have done grantwriting, and also published three magazined, but doing this short sale was like comparing fifth grade to med school in relation to previous jobs I've had.

Needless to say, we did not think too much about real estate this weekend.

This morning brought a few calls from the TV ads. Two wanted retail price for their homes. The third does, too, but since the house was built in 42 and hasn't been lived in for about six years, we have a pretty decent case for making a lower offer. It's a probate house, and no money is owed on it so that makes things easier, too.

In the meantime, we'll see what happens with the short sale. It will be nice to make some bucks for our hard work, but we also want to help out Leroy, the seller. He's a good guy.