Yep....7 months ago I submitted a complete Short Sale Package to Chase on April 27 2009. After many months of frustration I received another Chase Short Sale Approval yesterday. We are closing on 11 December.
You know sometimes I am left just scratching my head. This one should have been a no brainer. The Sellers are both retired and disabled. They were able to purchase this home in late 2005 using a $100,000 cash settlement they received from a wrongful death suit for their son. Their son had always wanted to live in Florida so they took the $100,000 and put it down on a house that was selling for $183,000.
Of course what they couldn't have predicted was that their daughter who was supposed to move in with them and help with the mortgage payment decided after living in Florida for 2 months that she didn't like it. So she moved, Mom and Dad were now stuck with a house they couldn't afford.
When I first met them they were very depressed and couldn't wait for a buyer to come along and pay them $150,000 so they could move back home. Their mortgage balance at the time was about $90,000 and they didn't understand that their property was worth far less. How could they be upside down on their mortgage already?
These folks had done everything "right". They bought a house that was priced OK and put 60% down. Who would have ever though that within 24 months their equity was gone. And this wasn't just paper equity that we hear about so often. It was $100,000 CASH!
I sure wish I would have met them before they placed all the money they had into a property. Telling people of this age they have lost everything is by far the worse part of my job.
Eventually I was able to get them to understand that all of their equity was gone. They needed to pack up and move back to NY to be with friends and family. So that's what they did. Almost 80 years old and having to start over while living with their daughter. My job is so sad some days.
And to make it worse. They told me the only reason they were even doing the short sale was so I could get paid because I was so honest with them. WOW!!! Incredible strength in the face of adversity. It's almost over Alline....I promise.
Location:
- Kissimmee Poinciana Florida
Liens:
- 1st mortgage with Chase for $100,000. They agreed to accept $35,000 (35% or what's owed)
- Seller is bringing no money to closing and is NOT siging a promissory note.
- Listed and sold by Tutas Towne Realty at $39,900 with a 6% commission.
Challenges:
- The biggest one was getting Chase to understand that these folks were disabled living on Social security and did not have bank accounts and did file tax returns.
- Keeping the same Buyer on board for 7 months.
And there you have it. Another successful Short Sale approval from Tutas Towne Realty.
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
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