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We may have set a Short Sale Record. We listed a 2BR/2BA unit on September 20, 2007 as a short sale. The listing price was $585,000 and the complex was only two years old. Shortly after we took the listing the owner filed bankruptcy. The Bankruptcy Court discharged the debt but the court refused to take the property.

 

After almost 4 years on the market we closed the unit this Friday for $210,000. During the listing period we had 7 buyers who dropped out because the lenders and investors could not make a decision. The Lender was smart enough to sell a second mortgage they were holding on the property to an investor for $50,000 just a few months before it closed. The investor soon found out that the second was worthless because it was part of the bankruptcy.

 

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2 Comments on Short Sale Record?

JUL
02
2011
375,003 Points 10 Featured Posts Outside Blog Hit Router Called Shot Master

Wow not sure if its a record but if not it has to be close as 4yrs is almost the start of the implosion???

The most ridiculous part of this is I bet ALL of the 7 previous offers were at least 100k higher...

Glad to see the wait really paid off???????????

Happy 4th
12:54pm • #1

Ouch! I'm sure you're glad that's finally over!
1:06pm • #2


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Ivanette Free

Panama City Beach, FL

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Jim Free Realty

Address: 8101 Thomas Drive, Panama City Beach, FL, 32408

Office Phone: (850) 230-1216

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