Another Gainesville, VA Short Sale Approved & Sold
As a Northern Virginia Short Sale Listing Agent, there are three words that used to cause a feeling of complete and utter hopelessness. Those words were Bank of America. However, this Gainesville, VA Short Sale that I listed in Village Place changed the feelings from prior experiences. This was a Bank of America Short Sale that ended up going through Equator.
This Village Place townhouse was listed on January 26, 2010. By the first day it was on the market, it had one offer. The next day, three more. My sellers were thrilled that they weren't going to have to wait months and months for a Buyer who was willing to wait for Short Sale Approval. You see, in addition to having a mortgage with Bank of America that wasn't going to be paid off at settlement, there was also a second mortgage with Citi Mortgage. Two loans with two different banks can intimidate many buyers. Luckily, my reputation as a Northern Virginia Short Sale Listing Agent helped the Buyer's Agents make a solid recommendation of writing on this Short Sale Listing.
The one contract that we worked with on this Gainesville Short Sale was ratitifed on January 27, 2010. And by late April, we had Short Sale Approval from Bank of America. Initially the Short Sale Package was sent via fax, the old fashioned way, to the Bank of America Short Sale Department. A month later, we were moved to Equator. Once that happened, it less than two months to get Short Sale Approval from Bank of America.
Citi Mortgage's Short Sale Approval really took about three weeks after Bank of America came through. That put us in mid to late April. Early May, the Buyers' appraisal came in lower than the contracted sales price and we had to go back to both banks and ask for reapproval with the appraised value as sales price. Bank of America's Equator made that easy. Citi Mortgage was super easy to deal with when it came to rewriting letters. And in this Short Sale, we had to have about five letter re-issues. Names misspelled, commissions incorrect, one buyer not mentioned, sales price, contribution from seller being negotiated away. All of these were reasons we had to keep going back to Bank of America, and sometimes, Citi Mortgage.
Through it all, our Buyers stuck with us. That's because they had a great Northern Virginia Short Sale Buyer's Agent.
So today, June 15 2010, this Gainesville, VA Short Sale changed hands for $250,000. That's $12,000 more than our list price of $238,000. The Buyers got a great townhouse in great condition and even got $3,650 in closing cost assistance. The Sellers were able to avoid foreclosure and avoid a cash contribution at settlement.
Bank of America Short Sales aren't as bad as they used to be.
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