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
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*
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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.