Another Short Sale Closed

By
Real Estate Broker/Owner with South Florida Real Estate & Development, Inc. BK3027955

Only took three months - lots of compromising and keeping the eyes on the prize - but we got it done.

The buyer was under alot of pressure because of the deadline for the first time homebuyers tax credit of $8000.00 that had to close by June 30, 2010 - I know they have extended it if the President signs the bill but it was not implemented until the day of closing so you could understand the pressure was on all of us to close this before the deadline.

The seller did not disclose to the negotiator that she owed over $17,000 in maintenance fees and attorney fees. She told the negotiator it was about $5000,00.

When the approval came from the bank about a month ago - we were all thrilled - but the thrill was gone to quote a great song, when the estoppel letter came back that the maintenance fee was $17,890.00.

Bank of America refused to pay all of it - buyer came up $5000.00 on his contract, title company cut their fees by $900.00 - and low and behold the listing agent and the buyer's agent had to contribute commissions as well -

All in all, the short sale closed - Seller and Buyer are happy - 

Short Sales Are Not Fun!!!

Comments (6)

Phaedra Hubbard
My Florida Home Store - Clearwater, FL
Clearwater, Dunedin, Palm Harbor Real Estate Exper

You gotta love those short sales!  Only for experienced agents.

Jul 03, 2010 02:37 AM
Broker Nick
South Florida Real Estate & Development, Inc. - Coconut Creek, FL
Broker Nick Relocation Broker Service

Phaedra - You got that right - lots of experience and patience and negotiating skills!

Jul 03, 2010 02:39 AM
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

Nick

 

Good job way to hand in there!

Jul 03, 2010 02:45 AM
Broker Nick
South Florida Real Estate & Development, Inc. - Coconut Creek, FL
Broker Nick Relocation Broker Service

Joe - Thanks Joe - much appreciated - now I think - lol

Jul 03, 2010 02:55 AM
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Somehow "compromise" usually involves agents cutting their commissions to do the deal!!

Jul 03, 2010 06:13 AM
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Nicholas, congrats on the closing.

Suggestion: Always run title in the early stages to avoid last minute $17,000 surprises. That would have given everyone more time to find a better solution. The maintenance fees and their attorneys fees would be totally wiped out in a foreclosure. $5,000 is a lot more than $0.00. Ask the HOA president how the other residents will fell about him if word gets out that he turned down $5,000 and recovered zero for them at foreclosure.

Jul 30, 2010 11:54 AM