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
