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Short Sale Success Story- They Do Get Closed

We closed another short sale last week. This one was a bit more difficult than our other short sales since there was a PMI ( Private Mortgage Insurance) company involved in the deal.

The seller contacted us towards the end of last year from our Active Rain blog to list his house here in Wellington Florida as a Short Sale. He lives in another state and therefore we emailed him the listing agreement and handled the entire listings and sale over the internet, email and phone. We still have not met this seller although we look forward to meeting him one of these days. He no longer lives in Florida. He was relocated by his employer to another state. A few months after he moved he was laid off. He was now unemployed.

He owed about $400,000 on this house which was his primary residence while he lived in Wellington Florida. He knew this property was only worth about $290,000. We listed it as a short sale. We listed it to sell based on the value Nestor figured in order to get an offer in at the soonest possible date. There was one BIG problem! The house was occupied with tenants. These tenants had turned down an offer to purchase the property a year ago. When they found out the price we had it listed at they were very upset because the price a year ago was much higher. We tried to explain to them that is was a different market than today. The price had dropped considerably since then. They would not allow us to show the property because they decided that now they wanted to buy the house. So they enlisted in an agent who wrote up the offer for them.

We ended up getting the short sale approved for $ 285,000 with the PMI company getting their share from the seller which was negotiated into the lender's net. The tenants began their loan process and we closed last week. The seller received a fully satisfied mortgage letter from the lender. There is no deficiency judgment filed and no discharge noted.

From the time of the offer coming in from the buyer to the time of closing was about 90 days. The biggest issue that caused a delay in the closing was that the negotiator on the file went on vacation for 10 days and no one else could take over his files and then the PMI company representative went on vacation for one week during the negotiations with her. We also had Christmas and New Years in the middle of all of this which slowed things down.

Short sales are a lot of work and are very challenging but extremely rewarding. To hear the sellers' voices on the other end of the phone telling us how thankful he was for all of our help and expertise was worth the time and effort. To know we helped make someone's life better and saved them from foreclosure is a big part of why we are in the short sale market. It is a win/win for the seller, buyer and the lender.

If you are in a position of hardship and things have happened in your life and you can no longer pay your mortgage payment you may be qualified for a short sale. To learn more about what a short sale is and what the process is read the posts below:

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* -

short sales: Short Sales- Everything You Ever Wanted To Know About Short Sales But Were Afraid To Ask Part 8

short sales: Successful Short Sale Closings And We Got Paid! Short Sale Series Part 9 -

Short Sales: Short Sales In Palm Beach County- Strategies For Communication- You Must Hold The Key Part 10

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.

Visit our profile to find out more about our services. Call us today at 561.753.0135 or Toll Free 800.444.3316. Contact us by email if you prefer by clicking on email me on the right side of this page under our profile.

To view all the Wellington Florida Luxury Homes For Sale Click here and then click on Search For Homes We know Palm Beach County and will help you get your home Sold if you need to Sell your home and help you buy your Wellington Home or Land ; call us today.

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.

Posted by Nestor & Katerina Gasset Realtors® Wellington Florida Luxury Homes on 04/03/2008 09:18 PM

Comments (38)

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Originally posted at: South Florida Real Estate and...: Short Sale Success Story- They Do Get Closed

This post has been included in Florida Information Palm Beach County, FL Information Wellington, FL Information

38 Comments on Short Sale Success Story- They Do Get Closed

APR

2008

I too am finding response from short sale offers are coming faster than before. I had clients make an offer on a short sale two weeks ago and they have already ordered the BPO. I have one short sale listing with multiple offers and another going on the market this weekend that I think will garner offers quickly. Both banks have said they will respond within 7 days of an offer. Hope they keep their word!

Now, Katerina, I don't see anything in this post about you and Nestor taking a vacation in the middle of things! Good for you for getting it done!

We jsut did a short sale and the bank got back with us in around two weeks. We just did inspections, and will close in two weeks. It is rewarding to help a Seller out of a Foreclosure.

Excellent as usual. You have put together a very valuable lesson plan on short sales with your posts. Thank you!

Don't you just love it when the MAIN link in the chain (the negotiator in this instance) goes on vacation for 10 DAYS!?! Congratulations on a 90-day sale and for doing the right thing for your clients. You are SO good at what you do and should seriously think of holding seminars across the country with select agents to share your expertise!! GREAT job!

Katerina- Congrats on keeping the transaction together Your posts on short sales are very informative. I have bookmarked this to come back to review.

Best,

Scott

I always love it when a short sale goes through... a bankruptcy averted and a buyer gets a good deal. Congratulations Katerina!

Katerina, I just met someone today who said she did a short sale...had it not been for AR I wouldn't have known what she was talking about. She was so sad but she swore someday she'd own a home of her own again and I'm sure she will.

Cindy- I am so impressed! Great job! Thank you for sharing. Did you write a post about this great success you are having? We need more of these positive short sale stories on AR!

Katerina, in a way, this is a feel good story. You put your client in the best possible position for the situation. AJ

APR

2008

Katerina, congratulations on the successful closing of yet another short sale. Great job getting the satisfaction letter.

Katerina, would you consider writing a blog post on exactly how you helped this seller avoid the discharge or deficiency judgement? I would like to do be able to do everything I can to prevent any of my sellers from ever owing money to the bank after the short sale is over....

Katerina Job well done. I know how it feels when you know you have done a good job but that is tripled when the seller says thank you and appreciates it.

Katerina and Nestor, Good job following through and getting this property sold for the seller. I am currently waiting on a repsonse for a buyer on a short sale. We are six weeks in and have been told it will be another two weeks at least. The bad part of this short sale is that after all is settled out and done, the lender will only be down about $2000 below what they are owed. I just hope we hear soon and Thank God I have a patient buyer.

Katerina ~~ Awesome news! You and Nestor are so good at what you do! And, I love the fact that you really care

about your clients. Thanks for sharing this story.

Once again, proving your value as real estate professionals! One thing about these transactions, sellers and buyers alike appreciate what you do to get this done. Congratulations!

Thank you for sharing ...I heard different opinions about sort sales one thing is common is that they are time consuming .Not very familiar with so, this is valuable for me THANK YOU guys!!

Patricia- Nope, no vacation here! But we are planning one for the end of October and early November. We just got past the first hurdle in Latvia and the judge accepted my apostille. They set the trial for November 4, so it gives us time to get passports, etc. But then we have to rush back for the NAR convention! I told the attorney to not have it set for the beginning of November and guess what the judge did! So now I am trying to work out the logistics!

Ann and Eddie- In Arizona it is a different process to do a short sale. Arizona is a trust deed state. Florida is a warranty deed state. Two different animals, two totally different processes. I am glad you can get them done! Katerina

Good job Katerina. I can't belive a REALTOR(R) can actaully complete a successful short sale:)

What do you mean when you wrote:

"with the PMI company getting their share from the seller which was negotiated into the lender's net."

APR

2008

Katerina, Congratulations to you and Nestor. Talk about joy for all concerned! You did a fabulous job in writing about your success and it's so great to hear. (I can certainly understand how you are a successful home school teacher - it's in you) and I hope more Realtors keep telling us of the successes that they're having as we need to spread the news that short sales are closing.

Nester & Katerina,

Well that is promising to hear. Many of them are quite difficult. Great job and keep it up!

APR

2008

Byrant- Well, I wonder why Brent never visits my short sale success posts:)

The PMI company story is a post all by itself but the short of it is that they wanted the seller to pay 5K to them from his own money. He had 1st and last from tenant, that was going to buyers closing costs, so we finally got permission from PMI to raise the price of the house by 5K so that the net would be increased, seller would give buyer 5K closing costs, approved by FHA of course, and then that freed up the $ to give to PMI and it was included in net. We also got a fully satisfied mortgage! Nestor is a tough negotiator!

Lynn- We need to spread the word that short sales do close and stop all the whining and complaining. It just takes longer to close but when you think about it, not too many years ago, loans would take 60 to 90 days to close on average so this is not that much different. People got spoiled, well, now it is time to get back to work.

Sandy- We have the experience to negotiate and we don't take no for an answer. We know how to sink our teeth into the deal and most of all we use patience to get the deals through.

Marzena- Thank you for your nice and warm comment.

Debe- I would love to go on a speaking tour but not to teach the short sales. I want to do motivational speaking.

Monika- You are very welcome and thanks for the compliment, glad you can gain value from the series.

Scott- This is going to become a factor in your market soon as I already see short sales coming up in Tacoma.

Carole- That is sad however she can set a goal to rebuild her life and move forward, that is what is so great about falling down, you can get back up!

Chuck- That is right, it is even a win for the lender because they have less expense when they agree to a short sale.

Alan- That is was meant to be, a win for all, us, our sellers, the buyers and the lender. I see the positive side of short sales.

Carole- That is sad however she can set a goal to rebuild her life and move forward, that is what is so great about falling down, you can get back up!

Alan- yes, it is a feel good story, we helped everyone, the seller, the buyer and the lender in this situation.

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