It's very important when considering to short sale your home that you have an experienced agent on your side. One that has certifications, like a CDPE and proof of prior deals that have successfully closed. Here's why, this weekend I received a call from a clients uncle who is handling his mortgage. The nephew was referred to me at the end of the year by a prior client. After speaking with this young gentleman and helping him some he decided to buy a short sale that he saw driving around. Well this uncle has now called me back 3 months into this deal and no real movement, I told him if he wanted me to help his nephew I would.
After speaking with the nephew today I learned not only is he paying too much for this house the house he has been waiting over 3 months for wasnt a true short sale scenario.
After digging around in public records I see the home owners have a mortgage of $147,000 the contract is for $165,000. They at some point and time took out a second mortgage. Now if the sellers had gone with an Agent that was experienced in short sales here in Orlando they would have had a much easier time closing on this property. The first mortgage is not being shorted, it's simply a regular sale with $18,000 left over. So the unskilled short sale agent decided that the first needed to go through the whole short sale process when it really didnt and wasted over 3 months.
It could have been simple. Go to the 2nd lein holder tell them the first is not being shorted you will receive $18,000 more then you ever would if we dont sell this and the value continues to drop or it goes to foreclosure because the sellers arent paying and within 30 days it should have been an easy short sale process and also would not have negatively impacted the sellers credit the way it is now.
When looking to sell your Orlando home as a short sale make sure to go with an experienced agent that is certified and has verifiable short sales under their belt. We recently had an Indymac short sale approved in under 21 days and another Suntrust short sale package approved in just 59 days. Our team works hard to get your home under contract and more importantly see it through to closing!
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