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Successful Short Sale Closings And We Got Paid! Short Sale Series Part 9
We closed on 2 short sales successfully and both were our listings. They were both difficult transactions but in the end we got our checks, the other agents got their checks and 2 new homeowners got awesome deals on these 2 homes. Patience is the principle quality you must have to follow a short sale through.
Nestor is very good at following up with the lenders and wielding all the influence possible in order to get the sellers approved with short sales below market value. You need to know what to say and how to say it.
Why is below market value important right now? Because our market is not quite finished going down, we are just about there but not quite.
One of the units was a condo, we originally had it listed for $249,777 and kept reducing the price as per the instructions of the seller's note holder. As soon as we reduced it to $150,000 we became just about the hottest listing in town. We had 4 offers on this unit within days. One of the offers was way too low at $130,000. But one single mom put in an offer of $150,000. This was good enough to get the ball rolling. Nestor made sure the BPO agent would have to meet him at the property. The problem with this unit was that in this development there has not been a sale since October of last year. That comp is not workable in a down turned market. The agent got it and was able to pull comps from outside of this development. The BPO came in at $167,000. The other buyers all went away when the counter came back. All of them except for the single mom with her FHA loan. We actually prayed that she would get this condo because there is nothing else like it in Wellington for that price. So the highest she could go was $155,000. We sent in her counter offer to the lender even though it was still too far off. The negotiator talked to the note holder again and he finally said go for it. He only approved our commission at 5%.
Her FHA appraisal came in at $208,000. We were so happy that our seller was able to get a clean fully satisfied, no 1099, no default judgment, no promissory note! And we are happy that this unit went to a mom who is raising her child in this new home that she can call her own. That is what makes this business worth what we go through!
How did we get this listing? Of course, through our Expired Listing Program.
Our second closing on a short sale was for our wonderful and loyal seller who is a great referral source. She had her house on the market for almost a year way too high. We sent her a letter notifying her that a lis pendens had been filed against her 2 houses.
She moved here from Africa, from Uganda, escaping some of the most vile and cruel may ham and ethnic cleansing murders you can not even imagine. She told me stories of how women's breasts are cut off so they can not nurse their babies, so that their babies will die of starvation in their mothers arms with mothers helplessly crying and being able to do nothing to save themselves or their babies. She came here to live the American dream and to live in a country that would never tolerate this.
Her son and my son have become friends, they are the same age and play together. She now lives in a rental right down the street from us so we have become friends as well. Well, she rented this house out to a lady who made her living out of not paying rent. Our seller was totally scammed. The woman would come crying about how her mother had cancer and the next time, how she was in a car accident. Well, the seller has a kind heart and at first believed her sorrows but they were all lies. When she realized the scam; she hired an attorney and it took another year to get the woman evicted. This scam artist would not let us show the house either. Needless to say, our seller could not make the payments and pay the attorney's fees. This caused her to go into default.
We listed her house right below market value but we received no offers. This was when our market was just not moving. There were months where there were just not any buyers for any of the homes in this community. The worst part about this community is that the builder is still in there building houses. He is giving away mega upgrades, low interest teasers and selling the same model for less than what any resales were on the market for. We reduced the price to $374,000 and then in December buyers started buying again. We had 5 offers on this house. The BPO was done right on this house too. The offer came back that the note holder had to net $311,000 on this house. Most of our offers were in the high 200ks. Not going to work. But then we had an agent call us who had a buyer who just lost a deal on a short sale offer and needed to close quickly. He made an offer of $330,000 and got the house. We were able to make the numbers work.
Our seller was not 1099'd, she has no deficiency judgment and no promissory notes to take care of. The buyers' appraisal came in at $380,000! He got a great house at a great price. Everyone is happy! We got our check and so did the buyer's agent.
Both of these houses were closed at the end of February and both of them took less than 6 weeks to close from the point of the first offer to the BPO, to the acceptance, to the closing.
So have faith, it can be done.
If you are a seller please read through our Short Sale Series and make sure you choose an agent who had closed short sales and knows how to close them.
If you are a buyer read our Short Sale Series and make sure you have an agent working with you that understands how to present you in the best light to the third party lender.
If you are an agent please read and understand our Short Sale Series and partner with an agent who had closed a short sale successfully on your first short sale. It is worth splitting your fee to get it done right and to have the hands on experience before you jump into Short Sales.
Please be aware that no matter how great our success is with getting short sales closed; there is NO guarantee that your short sale will be successful. Please keep in mind that each short sale is different, each seller has different circumstances and different lenders. If you have Country wide as your lender- well- we will pray for you! More on that in the next short sale post...
short sales: Short Sales In Palm Beach County Florida- What You Need To Know If You are Buying Or Selling. -Part 1
short sales: Short Sales In Palm Beach County- Part 2- What You Need To Know - short sales: Short Sales In Palm Beach County- What You Need To Know Part 3 - short sales: Short Sales In Palm Beach County Florida- Part 4 *The Process Begins* - short sales: Short Sales In Palm Beach County Part 5- Short Sale Myths and Truths About Offers short sales: Short Sales In Palm Beach County Florida Part 6- After The Offer Comes In. short sales: Short Sales In Palm Beach County Florida- Part 7 *Inside The Process*
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Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Royal Palm Beach, Loxahatchee, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida. We are accepting referrals.
Copyright © 2008 By Katerina Gasset, All Rights Reserved. *Successful Short Sale Closings And We Got Paid.* Contact Katerina Gasset for Customized Business and Personal Coaching.
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Disclaimer:The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, Inc or those of the broker.
P.S. If you are listing your home as a short sale in Palm Beach County Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 561-753-0135 to find out more about Palm Beach County Short Sales.
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Nestor & Katerina Gasset Realtors® Wellington Florida Luxury Homes
Wellington,
FL
More about me…
International Properties and Investments, Inc.
Address: 1021 Cherry Lane, Wellington, Fl, 33414
Office Phone: (561) 753-0135
Cell Phone: (561) 502-1577
Email Me
Wellington Florida Real Estate Blog By Katerina Gasset of International Properties & Investments, Inc. is a Great Place For Real Estate Agents and Potential Buyers and Sellers to get to know more about Wellington Florida as well as other parts of Palm Beach County.
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