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The property:
This is a 3 bedroom 2 bath single family home located in Middleburg, Florida. The house was in good repair, except for some cosmetics items like old carpet and vinyl flooring. The lien holder was American Home Mortgage Servicing Inc and the balance was $153,000.
Hardship:
The loan was an ARM and the sellers couldn’t refinance due to being upside down. The sellers were having difficulty keeping up the payment.
Short sale scenario:
You have to have patience when dealing with short sales, which with a phrase like short sale, you would expect quick and easy. Nope. Short sale ONLY applies to the house selling short of what’s owed on the mortgage. Shucks! Anyway, this house was on the market for about 5 1/2 months from list date to closing. It took 3 offers before the final buyer stuck with the deal. The house sold for $105,000 and the buyers received a $2500 flooring allowance from the lien holder. The seller did not have to bring money to closing, or sign a promissory note. They also received a waiver of a deficiency judgment.
Other successful short sales I’ve completed:
- Wells Fargo Financial
- Navy Federal
- Litton Loan
- Wells Fargo
- Bank of America
- Select Portfolio Servicing, Inc
- HSBC
- Provident Funding
- Litton
Are you facing foreclosure? Call me at 904-910-3516 or email me at pam@pamgraham.com to discuss your options.
