Successful Lakeland Fl Short Sale Closing That Took Five Extensions
I wonder what is the record of extension short sale agents have received from lenders. I've heard threee! How many extension one lender allows for a short sale to finally? This short sale for to close successfully allowed five extensions with Bank of America.
I listed the 2 bedroom/2 bath 1998 mobile home that with over 0.25 acres originally back in January 2011 for $59,000. The owner who had a mortgage on this property passed away and the heirs wanted to sell the property even if they had to bring funds to closing. Most of the inquiries were for renting, however the heirs insisted they wanted to sell. I suggested on numerous occasion to do a short sale because the funds they had to keep up the property were diminishing. We lowered the price one more time before going the short sale route, however no offers.
In August we changed the listing to market as a Lakeland FL short sale and again lowered the price to $45,000. Shortly after I was able to attain an offer and the buyer wanted to do a FHA financing. The buyer did the inspection right away and notified me that they wanted to go forward. During the title search it was discovered that the heirs would have to go through probate. Probate was filed and within one month the probate gone through successfully. At about the time we cleared the probate issue we received an approval letter from Bank of America.
The buyer's lender sent out an FHA inspector and noted things on the mobile home that must be corrected to meet today's standard for mobile homes prior to get a clear to close. Since the sellers were without funds to make those repairs the buyer made all required repairs and paid for it out of closing as the seller's lender would not pay for such items. Time was running out as the buyer's lender came up with additional conditions that would have to be met. I requested short sale approval letter extension a total of four times as December 16th was the latest deadline.
On December 16th as I reviewed my latest email from the buyer's mortgage broker, I immediately called Bank of America's negotiator to ask for another (5th) extension through 12/22. Throughout the whole day phone calls and emails were being made to make a closing happen. It was late in the afternoon when I finally received a message that the buyer's lender gave a clear to close. Once I received the final HUD-1, I uploaded the HUD into the Equator and was given final short sale approval within minutes.
Property was sold for $39,250
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Petra Norris
CDV TransAtlantic, Inc. Real Estate Brokerage (863) 619-6918 pnorris500@gmail.com http://www.petranorris.com       
Listed by: CDV TransAtlantic, Inc Real Estate Brokerage |
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The seller's heirs were delighted as we were able to bring this finally to a successful Lakeland FL short sale closing with Bank of America. Even though it took a total of five extensions. Short Sales do close! Give me a call if you want to know your options at (863) 619-6918.
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