Short Sale Success Story- They Do Get Closed

By
Real Estate Agent with International Properties and Investments LLC
Short Sale Success Story- They Do Get Closed


We closed another short sale last week. This one was a bit more difficult than our other short sales since there was a PMI ( Private Mortgage Insurance) company involved in the deal.

The seller contacted us towards the end of last year from our Active Rain blog to list his house here in Wellington Florida as a Short Sale. He lives in another state and therefore we emailed him the listing agreement and handled the entire listings and sale over the internet, email and phone. We still have not met this seller although we look forward to meeting him one of these days. He no longer lives in Florida. He was relocated by his employer to another state. A few months after he moved he was laid off. He was now unemployed.

He owed about $400,000 on this house which was his primary residence while he lived in Wellington Florida. He knew this property was only worth about $290,000. We listed it as a short sale. We listed it to sell based on the value Nestor figured in order to get an offer in at the soonest possible date. There was one BIG problem! The house was occupied with tenants. These tenants had turned down an offer to purchase the property a year ago. When they found out the price we had it listed at they were very upset because the price a year ago was much higher. We tried to explain to them that is was a different market than today. The price had dropped considerably since then. They would not allow us to show the property because they decided that now they wanted to buy the house. So they enlisted in an agent who wrote up the offer for them.

We ended up getting the short sale approved for $ 285,000 with the PMI company getting their share from the seller which was negotiated into the lender's net. The tenants began their loan process and we closed last week. The seller received a fully satisfied mortgage letter from the lender. There is no deficiency judgment filed and no discharge noted.

From the time of the offer coming in from the buyer to the time of closing was about 90 days. The biggest issue that caused a delay in the closing was that the negotiator on the file went on vacation for 10 days and no one else could take over his files and then the PMI company representative went on vacation for one week during the negotiations with her. We also had Christmas and New Years in the middle of all of this which slowed things down.


Short sales are a lot of work and are very challenging but extremely rewarding. To hear the sellers' voices on the other end of the phone telling us how thankful he was for all of our help and expertise was worth the time and effort. To know we helped make someone's life better and saved them from foreclosure is a big part of why we are in the short sale market. It is a win/win for the seller, buyer and the lender.

If you are in a position of hardship and things have happened in your life and you can no longer pay your mortgage payment you may be qualified for a short sale. To learn more about what a short sale is and what the process is read the posts below:


short sales: Short Sales In Palm Beach County Florida- What You Need To Know If You are Buying Or Selling. Part 1


short sales: Short Sales In Palm Beach County- Part 2- What You Need To Know


short sales: Short Sales In Palm Beach County- What You Need To Know Part 3 -


short sales: Short Sales In Palm Beach County Florida- Part 4 *The Process Begins*


short sales: Short Sales In Palm Beach County Part 5- Short Sale Myths and Truths About Offers


short sales: Short Sales In Palm Beach County Florida Part 6- After The Offer Comes In.


short sales: Short Sales In Palm Beach County Florida- Part 7 *Inside The Process* -


short sales: Short Sales- Everything You Ever Wanted To Know About Short Sales But Were Afraid To Ask Part 8


short sales: Successful Short Sale Closings And We Got Paid! Short Sale Series Part 9 -

Short Sales: Short Sales In Palm Beach County- Strategies For Communication- You Must Hold The Key Part 10

Katerina Gasset Subscribe to my Blog

 

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Royal Palm Beach, Loxahatchee, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida. We are accepting referrals.

Copyright © 2008 By Katerina Gasset, All Rights Reserved.*Short Sale Success Story- They Do Get Closed*

Visit our profile to find out more about our services. Call us today at 561.753.0135 or Toll Free 800.444.3316. Contact us by email if you prefer by clicking on email me on the right side of this page under our profile.

To view all the Wellington Florida Luxury Homes For Sale Click here and then click on Search For Homes We know Palm Beach County and will help you get your home Sold if you need to Sell your home and help you buy your Wellington Home or Land ; call us today.

Disclaimer:The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, Inc or those of the broker.

P.S. If you are listing your home as a short sale in Palm Beach County Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 561-753-0135 to find out more about Palm Beach County Short Sales.

 




close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Florida Palm Beach County Wellington
Tags:
short sales in palm beach county florida
short sales
short sales in wellington florida
short sale success

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the car to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
335,475
Lynn Pineda
Imagine Your House - Coral Springs, FL
Coral Springs REALTOR- Promises Delivered
Katerina, Congratulations to you and Nestor.  Talk about joy for all concerned!  You did a fabulous job in writing about your success and it's so great to hear. (I can certainly understand how you are a successful home school teacher - it's in you)  and I hope more Realtors keep telling us of the successes that they're having as we need to spread the news that short sales are closing.
April 05, 2008 10:31 AM #21
Rainmaker
620,896
Sandy Shores Broker, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County FL Real Estate

Nester & Katerina,

 

Well that is promising to hear.  Many of them are quite difficult.  Great job and keep it up! 

April 05, 2008 02:03 PM #22
Ambassador
1,879,084
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale

Byrant- Well, I wonder why Brent never visits my short sale success posts:) 

The PMI company story is a post all by itself but the short of it is that they wanted the seller to pay 5K to them from his own money. He had 1st and last from tenant, that was going to buyers closing costs, so we finally got permission from PMI to raise the price of the house by 5K so that the net would be increased, seller would give buyer 5K closing costs, approved by FHA of course, and then that freed up the $ to give to PMI and it was included in net. We also got a fully satisfied mortgage! Nestor is a tough negotiator! 

April 06, 2008 12:54 AM #23
Ambassador
1,879,084
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale
Lynn- We need to spread the word that short sales do close and stop all the whining and complaining. It just takes longer to close but when you think about it, not too many years ago, loans would take 60 to 90 days to close on average so this is not that much different. People got spoiled, well, now it is time to get back to work. 
April 06, 2008 01:04 AM #24
Ambassador
1,879,084
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale
Sandy- We have the experience to negotiate and we don't take no for an answer. We know how to sink our teeth into the deal and most of all we use patience to get the deals through. 
April 06, 2008 12:48 PM #25
Ambassador
1,879,084
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale
Sandy- We have the experience to negotiate and we don't take no for an answer. We know how to sink our teeth into the deal and most of all we use patience to get the deals through. 
April 06, 2008 12:48 PM #26
Ambassador
1,879,084
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale
Marzena- Thank you for your nice and warm comment.
April 06, 2008 12:53 PM #27
Ambassador
1,879,084
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale
Debe-  I would love to go on a speaking tour but not to teach the short sales. I want to do motivational speaking. 
April 06, 2008 12:57 PM #28
Ambassador
1,879,084
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale
Monika- You are very welcome and thanks for the compliment, glad you can gain value from the series.
April 06, 2008 12:57 PM #29
Ambassador
1,879,084
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale
Scott- This is going to become a factor in your market soon as I already see short sales coming up in Tacoma. 
April 06, 2008 12:58 PM #30
Ambassador
1,879,084
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale
Carole- That is sad however she can set a goal to rebuild her life and move forward, that is what is so great about falling down, you can get back up! 
April 06, 2008 01:03 PM #31
Ambassador
1,879,084
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale
Chuck- That is right, it is even a win for the lender because they have less expense when they agree to a short sale.
April 06, 2008 01:04 PM #32
Ambassador
1,879,084
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale
Chuck- That is right, it is even a win for the lender because they have less expense when they agree to a short sale.
April 06, 2008 01:04 PM #33
Ambassador
1,879,084
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale
Alan- That is was meant to be, a win for all, us, our sellers, the buyers and the lender.  I see the positive side of short sales. 
April 06, 2008 01:05 PM #34
Ambassador
1,879,084
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale
Carole- That is sad however she can set a goal to rebuild her life and move forward, that is what is so great about falling down, you can get back up! 
April 06, 2008 01:05 PM #35
Ambassador
1,879,084
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale
Carole- That is sad however she can set a goal to rebuild her life and move forward, that is what is so great about falling down, you can get back up! 
April 06, 2008 01:07 PM #36
Ambassador
1,879,084
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale
Carole- That is sad however she can set a goal to rebuild her life and move forward, that is what is so great about falling down, you can get back up! 
April 06, 2008 01:09 PM #37
Ambassador
1,879,084
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale
Alan- yes, it is a feel good story, we helped everyone, the seller, the buyer and the lender in this situation. 
April 06, 2008 02:06 PM #38
Anonymous
Anonymous
Lisa

Thank you! what a wonderful, hope-giving story.  I can't wait till my own short sale is a success as well.  thank you for sharing.

March 30, 2010 04:03 PM #39
Rainmaker
910,221
Tony Marriott
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Associate Broker, REALTOR

In our market 40-50% close.  Our closing ratio for "regular" Short Sales is 100%, if we include the Hail Mary's it's at about 93%.

August 20, 2010 10:32 AM #40
Show All Comments
Ambassador
1,879,084

Nestor & Katerina Gasset

Realtors, Wellington Florida Homes For Sale
Search South Florida Homes!
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the woman to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information