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
