People were so gung ho to snag a four-bedroom house in East Patchogue, highlighted on Real LI, that they were ready to meet the big requirement: $189,990 payment in full in cash before yesterday’s scheduled auction.
Three offers may not sound like a lot, but for Coldwell Banker real estate agent Gail Botchler, who had the listing for seven months, it was like an early holiday surprise.
The agent said Wells Fargo decided to negotiate with the owner of the home instead of auctioning it off yesterday. Missed payments will be tacked onto the end of the loan period, the agent said.
Bank negotiators gave the owner a break because they saw she had a steady job and it would look bad on bank records to have high numbers of foreclosures, Botchler said.
This means Botchler won’t get a commission on the house, but she’s not complaining.
The day of the canceled auction of the house, the Coldwell Banker agent bumped into the owner at the grocery store.
“I told her, ‘Happy holidays’ ” Botchler recounted, “and that, ‘You couldn’t ask for anything better at this time of the year.’ ”
Comments (1)
Great to see a positive outcome from what has become so common in our area, "distress". Kudos to the bank and agent for making it happen.