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Short Sales Do Come With Happy Endings!

What a week of short sale negotiating! This time with a very happy ending!

Do you remember the seller we have that has Parkinson's Disease? I wrote a post about the situation here in case you missed it.

We received an offer on his house within just a couple of weeks of the house being on the market. We then went through the short sale process with the lender. There is only one note owner involved. But there is mortgage insurance. The note owner is Fannie Mae.

The negotiator had this file escalated because Nestor was able to get the negotiator to understand the hardship and how important it was to get this file closed in a reasonable amount of time.

Nestor opened up his email the other day with an email from her that said, "Great news! Here is your acceptance letter!" Well, as you know we have learned NOT to do the happy dance too soon. We print out the acceptance letter and read every single sentence! Because these days, you may just might find some nasty surprises as I talk about in this post about Florida Short Sales.

Well, we see that the mortgage insurance company is requiring our 79 year old seller with Parkinson's to sign a promissory note with 15 years of payments for a huge amount! WHAT! That is unacceptable!!!!

We emailed her back and asked her to go back to the mortgage insurance company to take a cash contribution from the buyers. The mortgage insurance company comes back saying no cash! They wanted the note!

I then had a conversation with the negotiator and we went over the hardship again, a major hardship. Our seller told me that he is not likely to still be alive to even pay the payments. He is in no position financially to make any type of payment at all.

Our negotiator went to bat for us! She called the mortgage insurance manager and started going up the chain at the MI company. She fought for this seller. She told the manager about what this disease is and how it effects the life of the person, how his life was so full and then suddenly he was stripped of his livelihood. Short of medical bills and doctor's notes; what more do they expect?

When she called us back, she was hoarse from yelling. She said her boss even walked by her looking at her weird for fighting this fight so hard. As she was speaking to us about what she had done, suddenly, she gets the email from the MI manager saying that they would just drop the whole thing and require zero, nothing, no note, no cash, no deficiency.

Whenever we find these gems of negotiators we make sure to keep all of their information and contact information.

So now we can do the happy dance!

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Short Sales Do Come With Happy Endings! was first published on South- Florida-Luxury-Living.com.

P.S. If you are listing your home as a short sale in Palm Beach County Florida and Port St Lucie 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 and Port St Lucie Short Sales.

Posted by Nestor & Katerina Gasset Realtors® Wellington Florida Luxury Homes on 07/09/2009 10:48 PM

Comments (18)

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Originally posted at: South Florida Real Estate and...: Short Sales Do Come With Happy Endings!

This post has been included in Florida Information Palm Beach County, FL Information Wellington, FL Information
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18 Comments on Short Sales Do Come With Happy Endings!

JUL

Katerina,

That's a great lesson for me and all of us. I have not dealt with MI, annd did not expect that they become a major issue in short sale. Your account shows that I was simply naive

Good Job! You're lucky that you were dealing with a negotiator that had a brain and was able to understand the situation.

This week I tried to explain to the wonderful people at Countrywide short sale support that the four plex, that we have been trying to short sale for the last eight months, got a notice to demolish by the city of Long Beach. Apparently the person I was talking to and her manager were not able to comprehend that if the file did not get assigned to a negotiator soon and resolved, we will be doing a short sale on vacant land!

JUL

Katerina... I knew there had to be some Short Sales that closed out there. I hear about all the headaches... and usually deals fall through. Glad to see some get done. :-)

That is great! It helps to everyone in the sellers corner! That is a blessing!

Well done!

Bill

Thank God for the few human negotitors out there. I am working with a good one now too. She went through thee whole file with me, that I had submitted on June 3rd.

All good she said.

I never submit a file with ONE piece missing.

Good for your seller.

Great job. . now that is what short sales are supposed to be !

What a rewarding story. Our hard work always paid off when the deal gets closed and we actually served a client that we care for very much. THAT alone pays for itself sometimes!

Simply put, outstanding!

That is truly a wonderful outcome. Just don't know how you are able to get that kind of result. Would like to learn more whenever your available.

What a great ending!!! It shows that patience and diligence pays off --- these days, we cannot stop until we get what is right. Thanks for sharing the great story.

Mama Liz's Signature

Thank you all! I was busy today as I went to this gentleman's home and then well, we listen to his stories of his amazing life. The buyers were there doing their home inspection and I met their agent who is a wonderful lady. We have spent so much time on the phone over this transaction that we felt like we knew each other already. The buyers and the seller are a perfect match, they young and interested, he wise and inspiring. He shared as always one of his favorite singing groups, El Divo. Ever since this seller shared those talented men's voices with me, I have been hooked on their music. With El Divo playing in the background and then talking over things; the time went by fast and before I knew it, the day was gone and we said our goodbyes. I am hoping to get his permission to tell more of this story and who he is as I am trying to get him to write an autobiography or have his biography written.

Great Job you guys! You deserve to dance the Happy Dance! We have a neighbor with advanced Parkinson's -- it takes it's toll so severely and quickly. Best to you both! John

Lovely, lovely, lovely....and so nice to hear coming from the side of the negotiator. They are out there and they should be celebrated. We are not the only ones who endorse human compassion...great story! Keep 'em coming Katerina.

JUL

Katerina - I am CLOSING! a Countrywide/BofA short sale next Wednesday!

YEAH! 5 long months of work and one very patient buyer!

It can be done but ... it's NOT for the faint of heart!

Katerina - The negotiator wouldn't have gone to bat for your client unless you did first! We need to fight for these unfortunate folks -- who could very well be ourselves but for the luck of the draw -- tooth and nail.

Hi Katerina -- I am happy with the outcome, anything less would have been unacceptable in this situation. Everyone involved on your end, the negotiatior's end, did an incredible job for this seller and I hope the seller appreciates all the work.

That is great news!! We should find more compasionate negotiators/managers out there for those cases that really need the relief!! Great job!!

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