Northeast Florida Life

Everything about Northeast Florida

Call or Text Pam Graham:

+1 (904) 910-3516

Green Cove Springs Florida Short Sale Success Story

by Leave a Comment

Green Cove Springs Florida Short Sale Success Story

Green Cove Springs Florida Short Sale Success Story

 

The property: This was single family home in Green Cove Springs, Florida with 4 bedrooms, 2 bathrooms, 1518 square feet. Fenced yard, on a cul de sac, great shape, very clean. 

 

Hardship: Military relocation

 

Short Sale Scenerio: One lien holder, AHMSI. We were assigned a negotiator from the beginning, who was awesome to work with. He responded promptly to emails, would give us time frames, but always beat those time frames. This took 68 days for final approval, but would have been well under 60 days, had it not been the negotiating of terms. Huge promissory note required, with a cash contribution at closing. Not gonna work for this family, as it would be a huge hardship. The investor was Freddie Mac, so I made contact with higher executives pleading the seller’s case, then the seller’s also being proactive, contacted attorney’s in the Navy. Between everyone’s efforts, the promissory note and cash contribution were reduced by half. On to closing! A few days after approval, the investor dropped the promissory note and cash contribution. Totally shocked! This will go down in short sale history.

The closing went smoothly, the house was in great shape and all parties worked together to get this one done. Another successful short sale, this time in Green Cove Springs!

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

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
  • Vystar
  • American Home Mortgage Servicing Inc

 

Successful Short Sale in St Johns Florida!

by Leave a Comment

 Successful Short Sale in St Johns Florida!

 Successful Short Sale in St Johns, Florida

 

The property: This was single family home in St Johns County Florida with 4 bedrooms, 2.5 bathrooms, 2666 square feet. Fenced yard, needs some sod, new paint and some flooring. Desirable neighborhood. The biggest concern for people was that the master bedroom was upstairs. 

Hardship: Loss of job, found employment requiring relocation.

This was the grandaddy of all short sales, one that tested my and the seller’s endurance! This listing didn’t start out as a short sale, but certainly ended that way unfortunately. This one had a first mortgage with Wells Fargo and a 2nd mortgage with ING. Once it became a short sale, we finally got an offer, the BPO came back 35k over contract price. The contract price was not a low ball offer and we had the house at the the BPO price months before without any success. 6 or 7 offers later (I lost track) we had a buyer willing to wait for approval, wasn’t paranoid about the house flooding, which there was never a reason for the one buyer to think that, willing to do some repairs and pay the past due HOA fees. ING was easy to work with, Wells Fargo not so much. I had to fax in the same docs over and over, I was trying to get an extension and couldn’t get an answer from the negotiator for weeks until I emailed the CEO of Wells and other higher executives, which produced a supervisor who gave me their direct number to call and the much needed extension.

Once we were ready to close we had issues with a Quitclaim deed that was never done,  the new lender firing the loan originator, the paperwork getting shuffled, the VA appraiser requiring the carpets to be professionally cleaned and the new lender missing closing deadlines, we finally got this closed. It really makes a difference when everyone has patience and cooperates with one another. The seller was great at getting me required docs, the buyer was patient and understanding, the buyer’s agent was professional and never took the lack of communication from Wells on me. And of course the listing agent was not going to allow this last contract fall through and did everything in her power, legally, to make sure this closing happened. In the end, the seller had no promissory note and no seller contribution. The loss to the banks were approximately 55k, with the banks waiving their rights to a deficiency judgment. The sold price was 192,000

This experience is kinda like childbirth, the labor pains hurt like heck, but once you have the baby you forget. This short sale hurt like heck, but now that it’s over and closed, I’m happy it worked out for everyone involved, and yes, I would do it again!

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
  • ING

 

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

 

Jacksonville Florida Short Sale Success

by Leave a Comment

Successful Short Sale in Jacksonville, Florida

 Jacksonville Florida Short Sale Success

 

The property: This was a condo in Jacksonville with 2 bedrooms, 2 bathrooms, almost 1300 square feet. A one car garage was included. This is a gated community, with a pool and clubhouse. 

Hardship: Drop in income, resulting in difficulties affording the mortgage payment and HOA fees. This condo development had WDO and structural issues, so the values dropped significantly and only cash buyers could purchase, no financing.

 

Short sale scenario: This deal took about 6 months from list date to closing to complete. The lender was Wells Fargo Mortgage. Between having to re-fax paperwork, a delay on the attorney’s part, being assigned a new negotiator, this deal was shaky.  The values kept dropping and the buyer was getting antsy. The buyer wanted to do an appraisal even though it was a cash deal. Finally, we got the approval and the buyer decided they were getting a great deal and closed without doing an appraisal.  The seller owed close to 200k, the condo sold for 47k. No promissory note required and no cash contribution from the seller.

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

 

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
  • Vystar
  • American Home Mortgage Servicing Inc

 

 

Middleburg Florida Short Sale Success Story

by Leave a Comment

Successful Short Sale in Middleburg, Florida

 Middleburg Florida Short Sale Success Story

The property: This was single family home in Middleburg with 3 bedrooms, 2 bathrooms, little over 1500 square feet. Ginormous fenced backyard.

Hardship: Divorce situation, financial difficulties.

Short sale scenario: We did have an offer on this property before the final one that closed. The first offer was approved in 32 days. This short sale was with Litton Loans.  This is another lender who is easier to work with, from contract to closing (the final offer that stuck) was only 40 days.  The seller did have a promissory note of $3k. Sold for 104k, owed 175K. 2 loans both with Litton.

The real estate market would turn around faster, if we could decrease the short sale inventory drastically. One way of doing that would be to have a faster short sale approval turn around. Less buyers walking away from getting impatient.

  • Wells Fargo Financial
  • Navy Federal
  • Litton Loan
  • Wells Fargo
  • Bank of America
  • Select Portfolio Servicing, Inc
  • HSBC
  • Provident Funding
  • Litton
  • ING

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

 

Another Short Sale Success in Middleburg, Florida

by Leave a Comment

Successful Short Sale in Middleburg, Florida

  Another Short Sale Success in the  Middleburg, Florida Area

The property: This was single family home in Middleburg with 3 bedrooms, 2 bathrooms, almost 1800 square feet. On a cul de sac. House was in move in condition. 

Hardship: Required relocation.

Short sale scenario: The lender was Navy Federal. Only one loan. The seller’s continued making their payments all the way up to closing. Took 2 months to get short sale approval. Not easy to talk to the negotatator. Whenever I called to get updates, I was never put through to the person handling the file. I could only get updates from the person who happened to answer the phone that day. Only one contract on this home. Sold for 151k, owed approximately 206k. No promissory note, but the seller did contribute 5k at closing.

  • Wells Fargo Financial
  • Navy Federal
  • Litton Loan
  • Wells Fargo
  • Bank of America
  • Select Portfolio Servicing, Inc
  • HSBC
  • Provident Funding
  • Litton
  • ING

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

 

Succesful Short Sale in Jacksonville Florida!

by Leave a Comment

Successful Short Sale in Jacksonville, Florida

 Successful Short Sale in Jacksonville Florida!

 

The property: This was a single family home in Jacksonville with 4 bedrooms, 2 bathrooms, little over 2000 square feet. On a cul de sac. The house needed some paint, carpet and a little tlc. 

Hardship: Loss of tenant, couldn’t get reliable tenants. Financial difficulties. 

Short sale scenario: One loan, with the lender being Select Portfolio Servicing. We were in  a multiple offer situation, with the highest and best offer submitted. The BPO was done before the offer was submitted. It took around 2 months from contract to closing.  This sold for 182k, the bank paid 7k towards the buyer’s closing costs. The seller owed around 245k. There was PMI on the loan, which the bank put into place on their own after the owner had bought and closed on it. The seller had a promissory note to pay to the PMI company.

  • Wells Fargo Financial
  • Navy Federal
  • Litton Loan
  • Wells Fargo
  • Bank of America
  • Select Portfolio Servicing, Inc
  • HSBC
  • Provident Funding
  • Litton
  • ING

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

 

Succesful Short Sale in Middleburg Florida

by Leave a Comment

Successful Short Sale in Middleburg, Florida

 Successful Short Sale in Middleburg Florida

 

 

The property: This was single family home in Middleburg with 3 bedrooms, 2 bathrooms, little over 1300 square feet. On a cul de sac. House was in move in condition. New roof, tile flooring, ginormous backyard. 

Hardship: Required relocation, loss of tenants.

Short sale scenario: 2 loans, one with Wells Fargo, one with Bank of America. Only had one buyer on this house.  From contract to closing it took 3 months. The seller did have to contribute around $300. No promissory note and the deficiency judgment was waived on both loans. Sold for 81k, owed a total of approximately 120k.

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
  • ING

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

 

Another Short sale success in Jacksonville, Florida!

by Leave a Comment

Successful Short Sale in Jacksonville, Florida

 

The property: This Jacksonville home is a 3 bedroom, 2 bathroom home, a little over 1600 square feet. Very unique tub and shower combination in the master bath room. 

Hardship: The house needed some repairs, plus there was a loss of income. Another negative is this house is located on a busy road.

 

Short sale scenario: The lender on this one was HSBC, who is one the few lenders who make the short sale process better. There was an offer on the house that fell through due to buyer financing, but helped get the process started. This was one where the short sale process started once we got it listed and had a BPO done, days, after listing it. And once a complete short sale package is submitted it can take 7-10 business days for approval! The second contract took only 16 days from contract date, to short sale approval to close. When a lender starts the process when the house is listed and has a fast turn around time, there is less hassle, less contract fall throughs and just a better experience for everyone involved.  This is how all short sale should be handled.

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

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
  • Vystar
  • American Home Mortgage Servicing Inc

 

Short sale success in Jacksonville, Florida!

by Leave a Comment

Successful Short Sale in Jacksonville, Florida

 

The property:

This is a 3 bedroom, 2.5 bathroom home located in Jacksonville Florida. The owners started some renovations in the kitchen and the bathrooms. It still needed a little more work but had a great start.

 

Hardship:

This was a divorce situation and the seller couldn’t afford to keep the house.

 

Short sale scenario:

There were two liens on this house, the first with Provident Mortgage and the 2nd with Vystar. Vystar was a piece a cake to work with, Provident much slower. We had two previous contracts fall through, before the 3rd stuck. We got the approval, only to find out after the inspections were done, that the septic and drain field had some issues that would cost about 3k to fix. The buyer was willing to pay for half the repairs and wanted the bank to pay the other half. So, I presented the buyers request along with the inspection report and estimate. The bank said no. The investor doesn’t make repairs. I knew the investor was Freddie Mac and I also knew an exception could be made, because I called them myself and they told me an exception can be made. Meanwhile, the prices had dropped by about 20k, due to the 1st lien taking months to give the approval and lots of foreclosures in the neighborhood. If this fell through, we would have to start all over, 20k less AND still have the repair issue. I built my case and submitted it to the negotiator. Again a no, this time I contacted supervisors, CEOs, COOs and submitted my case. Another no, but this time with the bank rep telling me the agents should reduce their commission to help cover the costs. In all the email correspondences I received, I had gotten the rep for Freddie Mac, who was handling the file. I emailed her all the facts and requested they cover half the cost. They agreed, without a reduction in commission! Shew, what a battle won. In one of the emails I read the following:

“Per the emails below, 3rd party is asking for an exception to cover half the cost of a septic repair (approx $2,808.00).  Please advise whether this can be done as 3rd party is very persistent and has contacted several of our managers regarding this issue.  I advised her the investor does not cover repairs, but she contacted the investor, who advised an exception can be made.”

Being persistent paid off. If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

  • Wells Fargo Financial
  • Navy Federal
  • Litton Loan
  • Wells Fargo
  • Bank of America
  • Select Portfolio Servicing, Inc
  • HSBC
  • Provident Funding
  • Litton
  • Vystar
  • American Home Mortgage Servicing Inc

Short sale success in Orange Park, Florida!

by Leave a Comment

Successful Short Sale in Orange Park, Florida

 

The property: This Orange Park home is a 3 bedroom, 2 bathroom home, almost 1500 square feet. Large backyard, with a location very convenient to shopping, interstates, NAS Jax, etc…

Hardship: The house needed some repairs, mainly cosmetics like paint, flooring and some updating. 

 

Short sale scenario:  This home had 2 mortgages, both with Wells Fargo. Even though both mortgages were with Wells Fargo, they had to be treated as two separate mortgages. We had 3 contracts on this house before the 3rd one stuck. During the course of the short sale, the first mortgage was approved, then eventually the 2nd one was too. However, we had to ask for an extension on the first approval, since the approval was done long before the 2nd. They denied it, even though they had access to see that we were just waiting on the 2nd lien approval with their company. After being told no multiple times, and the 2nd lien holder unable to help, I went online and found email addresses for higher up executives for Wells Fargo. I sent them all an email explaining the situation. Funny thing happened, we got the extension and moved onto closing. The seller did have to make a small contribution at closing but had no promissory note and the right of the lender to pursue a deficiency judgment was waived.

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

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
  • Vystar
  • American Home Mortgage Servicing Inc

About the Agent

The owner of this website has made a commitment to accessibility and inclusion, please report any problems that you encounter using the contact form on this website. This site uses the WP ADA Compliance Check plugin to enhance accessibility.