Successful Short Sale in St Johns Florida!
The property: This was single family home in St Johns County Florida with 4 bedrooms, 2.5 bathrooms, 2666 square feet. Fenced yard, needs some sod, new paint and some flooring. Desirable neighborhood. The biggest concern for people was that the master bedroom was upstairs.
Hardship: Loss of job, found employment requiring relocation.
This was the grandaddy of all short sales, one that tested my and the seller's endurance! This listing didn't start out as a short sale, but certainly ended that way unfortunately. This one had a first mortgage with Wells Fargo and a 2nd mortgage with ING. Once it became a short sale, we finally got an offer, the BPO came back 35k over contract price. The contract price was not a low ball offer and we had the house at the the BPO price months before without any success. 6 or 7 offers later (I lost track) we had a buyer willing to wait for approval, wasn't paranoid about the house flooding, which there was never a reason for the one buyer to think that, willing to do some repairs and pay the past due HOA fees. ING was easy to work with, Wells Fargo not so much. I had to fax in the same docs over and over, I was trying to get an extension and couldn't get an answer from the negotiator for weeks until I emailed the CEO of Wells and other higher executives, which produced a supervisor who gave me their direct number to call and the much needed extension.
Once we were ready to close we had issues with a Quitclaim deed that was never done, the new lender firing the loan originator, the paperwork getting shuffled, the VA appraiser requiring the carpets to be professionally cleaned and the new lender missing closing deadlines, we finally got this closed. It really makes a difference when everyone has patience and cooperates with one another. The seller was great at getting me required docs, the buyer was patient and understanding, the buyer's agent was professional and never took the lack of communication from Wells on me. And of course the listing agent was not going to allow this last contract fall through and did everything in her power, legally, to make sure this closing happened. In the end, the seller had no promissory note and no seller contribution. The loss to the banks were approximately 55k, with the banks waiving their rights to a deficiency judgment. The sold price was 192,000
This experience is kinda like childbirth, the labor pains hurt like heck, but once you have the baby you forget. This short sale hurt like heck, but now that it's over and closed, I'm happy it worked out for everyone involved, and yes, I would do it again!
If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.
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