This particular client had his property listed for over 3 years as a short sale and several different agents and had all but given up. Until Chase started calling him, practically begging him to list his home as a short sale, and offering him a $10,000 incentive at closing to do it. That's when he turned to google and found me.
We listed and had a contract within one week. When the short sale appraisal came in, it was $20,000 high. After a value dispute, the negotiator told me the absolute best they could do is $5,000 decrease from the appraised value. The negotiator instructed me to get back to him within 48 hours with an amendment increasing price or the file would be declined out. The buyer refused to budge, so I started to look for another buyer.
Also, I just didn't call the negotiator. Didn't answer his calls or return them when he called asking for a status update. I was simply stalling, hoping to find another buyer to substitute in and avoid the file getting closed out.
A week and a half later, I get a phone call from the negotiator stating the short sale was approved and I would be getting an approval letter faxed in the next hour or so. SAY WHAAAAAAAT?????
I just shut my mouth and waited for the fax. Low and behold, the approval came through at the original contract price! So much for the " file getting closed out " if the buyer didn't raise his offer.
Buyer was good to go, our 2nd mortgage with Ocwen ( now in the hands of Nationwide Credit ). was quickly approved and settled for 10 cents on the dollar.
Here are the details:
Sale price - $60,000
Total owed to 1st mortgage with Chase- $240,000
Net to first mortgage - $41,000 , settled in full with deficiency waived.
Total owed to Nationwide Credit / Ocwen 2nd mortgage - $55,000
Net to 2nd mortgage - $5,500, settled in full with deficiency waived.
Total deficiency waived - $235,000
Short sale incentive to seller: $10,000
Patrick
Important note : $10,000 incentives are very rare. The investor on this loan was Bank of America. BOA had acquired this loan from LaSalle bank via merger, most likely for pennies on the dollar. They wouldn't be giving 10k to seller out of the goodness of their own hearts.
Why settle for less than 5 stars?
Featured in Connecticut Magazine's March 2011 and March 2012 issues as a top real estate agent in overall satisfaction. Contact me for more information about attempting a short sale in Connecticut.
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