I am happy to announce another Short Sale Approval, this time for a property located in Raleigh, North Carolina.
Many property owners (and Real Estate Brokers) are reporting how perplexed they are after having made what they believe were extra-ordinary efforts to communicate with their respective lenders in hopes of turning their deteriorating situations into positive outcomes - the ultimate being a successful Short Sale.
In this case, the Seller/Borrower was in default for over a year and facing imminent foreclosure. After the Seller's unsuccessful effort to get a Short Sale Approved (utilizing another Broker) at a price nearly $100,000 over market value, I was able to guide the Seller along a clear path which resulted in an approval at a SIGNIFICANTLY LOWER PRICE. Originally, I learned that the Seller's primary objective was to sell the property as quickly as practicable at a price that would be acceptable to both Lenders and which would result in the Sellers not being responsible for any deficiency.
Their concerns centered around:
1) the possibility of a foreclosure and bankruptcy,
2) the possibility of having to sign a note for the amount of the deficiency,
3) the possibilty of incurring a significant tax liability due to the Short Sale, and
4) the possibility of being sued for the deficiency upon the sale.
Fortunately, having experienced our unique processes known as The Strategic Real Estate Game Planner™ and The Distressed Seller Transformer™, the Seller very quickly became clear on their objectives and concerns, as well as the strengths of the process, and as a result, made very fast and confident decisions along the way. With each decision, the Sellers made a "Smart Move," bringing them closer to their desired outcome.
With our closing set for 10/10/11, it is clear sailing from here.
So what should you do if you are a Seller in a Distressed Situation?
- Don't fret!
- Seek guidance from a Short Seller expert who:
- Has closed no fewer than 5-10 short sales over the last 12 months,
- Embraces change,
- Is proactive in their communications with Lenders, Investors, and Mortgage Insurers, and
- Has strong relationships with numerous real estate attorneys who are also experts in working Short Sales.
While it does take a team, it isn't rocket science, and it doesn't have to be frustrating.
All the best in your Short Sale efforts!