NEW SHORT SALE COMPLETION RECORD! TRADITIONAL SHORTSALE opened at Bank of America on 8/19/2011 and closed today 09/02/2011. Yes, folks, I said TRADITIONAL SHORTSALE from start to finish in 13 days and NO DEFICIENCY and NO PROMISSARY NOTE. And now for the rest of the story...
We have had great success this year with many HAFA short sales and for the most part all closed in under 90 days, but this particular one turned out to be an absolute nightmare with AMS Servicing and Bank of America. After multiple extensions and finally after over 8 months, we finally got this to the closing dept of BofA. After it being in the closing dept for final HUD approval for 5 days, we are calling daily and emailing daily with no answers. Finally in shear desperation as the buyers were more than fed up with the delays, we pulled out the big guns and called the internal escalation team of BofA. These folks are the HEAT, they are the ones that GET THE STUCK FILES MOVING! After about 12 hours of investigations, we find out that the CLOSING AGENT of BofA had inadvertently closed the HAFA shortsale while reviewing the HUD. Now, this seems like a minor issue but for the fact that once a HAFA short sale is closed, there is no simple way to reopen it. It is a complete restart. And obviously after 8 months of WASTED WORK, this was not about to happen.
So the escalation team put me in touch with the highest escalations negotiator they could assign. And after about 4 hours of first ranting and raving to a very patient and understanding woman, she then let me cool off and we talked the first night to nearly 11 PM. She taught me more about the short sale process from start to finish in this one conversation than any of these SO CALLED PAY PROGRAMS on the market today. And to put her money where her mouth is, she offered me a deal... she offered to take this file PERSONALLY with only 1 set of hands on it from start to finish and get it done and GUARANTEED ANY SHORTSALE can be done in under 2 weeks with a knowledgable listing agent and a cooperative seller supplying all documents requested.
Well after being very skeptical, she offered my buyers $10000 reasons to trust her enough to give her 2 more weeks in extension. So on Aug 19th, she reopened equator tasks and we started uploading the complete file over again. Within the first day, everytime she opened a task, I responded and we spent about 4 hours reinitiating the file. By the close of day 1 she had the file. Day 2 she had already reviewed it and asked for a couple more items. By the end of day 2 she had submitted the file to review. When the typical equator asked for appraisal or BPO, she uploaded the one already obtained just 3 weeks earlier and handled that task. By day 3, all was quiet on the equator front and no new tasks or rejects. On day 4, we got approval for lien 1 and on day 5 approval for lien 2 and we were approved.
File then moved to buyer's underwriting who were more than ready for it and within 3 days had their part done and with 10 business days, we are CLOSED TODAY.
Now, here is one valuable lesson she took the time to explain...
The Major DIFFERENCES from HAFA to Traditional extend only to the PRIMARY RESIDENCE HOMEOWNER and they are:
1. Total debt forgiveness
2. Repurchase a new home in as soon as 2 years
3. a guaranteed approval 10 days after contract submitted from buyer
4. $3000 moving allowance
However, here is what she has proven with this latest RECORD closing...
We switched this from HAFA to Tradional and received:
1. Total debt forgiveness
2. CLOSED IN 13 days
3. No more $3000 moving allowance
4. And still the same protections of credit from effects of foreclosure
So here is the HUGE difference: If you can waive the $3000 moving allowance but wish to CLOSE in under a month instead of playing with HAFA for up to 9 months and get no where, then as long as the $3000 is not so important to you, let's talk about traditional.
Call me today we can do a brief qualification and see which program best fits your personal situation. If you are in Port St Lucie, Stuart, Palm City, Fort Pierce, Okeechobee, St Lucie, or Martin County, call a SHORT SALE EXPERT that will help you to navigate the correct course for smooth sailing thru these very turbulent waters called SHORT SALES.
You spent a lot of time building your credit and a lot of money purchasing your largest asset. Call and EXPERT today to help minimize the impact to your hard earned credit and get you the most money and minimize the time to sell you so can get on the road to credit recovery and financial recovery so you can once again purchase another home.
If you are a Bank of America mortgage holder, then please call your local EXPERT on Bank of America short sales and put me to the test. Let's work together and see if we can sell your home and close it in under a month just like this one today.
For more in depth details of Short sales, please continue reading below.
What is a short sale? This is anytime a lender is willing to accept lower than the payoff amount of the loan. Now you may ask, "why would they do this?" There are several reasons, but mainly any time they can prevent a foreclosure and receive some money for the property, they are making a better business decision.
Without getting to deep in detail, the process is extremely complicated and takes time, but it can be most rewarding to a seller who has kept good credit only to now face foreclosure and extremely beneficial to a buyer who has the opportunity to purchase a wonderful deal on a great property. As a real estate agent and CERTIFIED DISTRESSED PROPERTY EXPERT, Kevin Tolbert of Keller Williams Realty of the Treasure Coast, Port Saint Lucie, FL has successfully completed many short sales for my clients who were so appreciative of the outcome. In most cases, their properties were even listed with realtors who feared or failed to grasp the short sale process and didn't even recommend the short sale to the seller. Because the short sale is a way to sell your home at FAIR MARKET VALUE rather than at the mortgage amount you owe, it allows the seller to lower the price to achieve a sale, rather than sit on the market indefinitely, while still incurring costs to own the home like HOA, insurance, taxes, or other recurring costs.
Typically for a short sale to be approved by your lender, sellers must have a level of hardship and are behind on their mortgage. There are generally 4 types of hardships that result in a short sale approval: Extreme financial hardship caused by change in employment, family status (divorce), death of one of the parties, or increase in mortgage expenses (variable mortgage or escrow).
There are 2 typical types of short sales: HAFA and traditional. In HAFA, you normally have a government backed loan (Fannie Mae or Freddie Mac). In traditional, you don't qualify for HAFA. You can click on this link HAFA to read all about the qualifications.
Since Jan 1st, HAFA has brought new hope to many desperate primary residence sellers and has brought a new selection of buyers to the market for short sales since the traditional shortsale of the past could take from 4 months to never and there was no guarantee you would ever be approved to sell or purchase. HAFA shortsales are applied for completely in advance, and once an OFFICIAL APPROVAL is obtained in writing, the seller is given a specific price to sell the home, and specific criteria to present to their realtor, and when all criteria are met, and a contract is presented for the full price approved by the lender, we can close in as little as 30 days now and if the contract follows the exact criteria of the approval, a closing is imminent instead of the old way of never knowing if it would be approved. And in some cases, sellers get money back at closing to move out with, and get your entire debt forgiven in writing. This way your credit in a typical shortsale will start recovering in under 2 years, instead of 7 to 10 years with a foreclosure, allowing you to restart your home ownership opportunities.
The following is the best way to start the process:
Goto HAFA and follow the ARE YOU ELIGIBLE to verify.
Even if not, contact a CERTIFIED DISTRESSED PROPERTY EXPERT to help navigate you thru the complicated process and help you decide if short sale is the path for you.
Next, before you call Kevin Tolbert at 772-834-0099 in Port Saint Lucie, FL or email me at: firstname.lastname@example.org, gather the following documentation and be proactive to getting the process started.
3 months of recent bank statements of all accounts.
2 years of complete tax returns.
W2's from the past 2 years
3 recent paycheck stubs.
Copy of most recent mortgage statement on all loans.
Copy of most recent HOA statement
Information on any liens/judgements against your home.
Financial Worksheet (call me for this)
The difference in Kevin B Tolbert of Keller Williams of the Treasure Coast, Port Saint Lucie, FL and other real estate agents is they do a short sale once in a while because they have to, and I do them everyday because I love to help folks with their distressed situations and because I love to help the buyer who could not afford a home this expensive years ago, now obtain their DREAM HOME at a WORLD CLASS BARGAIN PRICE!
Check out my website for the HUNDREDS of listings in our area or for ANY LISTINGS throughout Florida at www.ISellPortStLucieLand.Com and my newest site www.SearchforSouthFloridaHome.com for all the latest data, links to relocation data, ability to prequalify to purchase, and so much more.
Don't wait another day and struggle with indecision. Let me help you out of your home and allow you the fresh start towards a new beginning.
Call today for your FREE COMPARITIVE MARKET ANALYSIS to establish your homes value and then let's decide together what the best plan of action is right for you. Or get yours online at my website below.