A short sale with the Veterans Affairs administration is called a compromise sale. Same meaning, just different words.
These clients had found me online after striking out with two other agents that were inexperienced with short sales. Having had the property listed for over a year already and no offers and barely a showing, they were practically at their wits end when they called me.
Due to a lack of comparables for this property, it was necessary to put some marketing time on our listing in order to justify where the condo would sell. After a little over 4 months and 3 carefully calculated price reductions, we attained a solid cash buyer. Having all documents submitted to Wells Fargo, we had our appraisal completed and everything lined up for our approval. The appraisal then went to the VA for review, and the VA is slow at reviewing appraisals, sometimes taking up to as long as 30 business days. Once the appraisal was completed, the buyer was asked to come up $1,000 on their offer ( which they happily did ), and we sailed to an easy cash closing with a full waiver of all deficiency balance.
Here's the details:
Sale price: $43,000
Closing costs allowed: $4,000
Net to lender: $39,000
Amount owed - $100,000
Deficiency waived - $61,000
Patrick
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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