Last April, just before the Tax Credit was about to expire, I listed a home for sale in Sagamore Hills. It was a lovely home and the owners had every hope it could be sold without a short sale. Unfortunately the market was continuing to slide downward and a short sale became the new reality.
We had the home under contract by June.
Once under contract, we started work on the short sale. The selling agent was short sale savvy, the seller was motivated and capable and the buyer was ready to "do what it takes" to get it closed. Sun Trust, not so much.
Sun Trust held both a first mortgage and a second / HELOC (Home Equity Line of Creidt) mortgage. The mortgages were held in different subsidiaries. Apparently the two entities don't communicate with each other.
I have done a lot of short sales and this one was really no different from the others. Identical documents had to be sent to Sun Trust(s) multiple times. The seller had to produce volumes of evidence as to the need for a short sale. The buyer had to be patient.
The end results were great.
- The seller was relieved of a financial burden (and with having to sign any notes or come up with cash out of pocket),
- the buyer got a great deal and
- both real estate agents made a commission. By the way, we earned those commissions. Daily phone calls to all parties involved is the norm in a short sale.
It is rewarding to be able to title this post: SUN TRUST Short Sale in Sagamore Hills CLOSED in 90 Days
Comments (2)Subscribe to CommentsComment