Congratulations to Genette and Lee, who closed a chapter of their lives today. Yes they sold their home in The Madison Area even though the mortgage was $150,000 more than the net proceeds from the sale.
It wasn’t easy. We lost one buyer when the bank took too long to make a Short Sale decision. When they finally made the decision, the buyer had lost a job. But the second round, we were able to make a deal with in 3 weeks to go forward with the sale and to release the sellers from their debt. Yes we negotiated $150,000 off the principal.
Again, congratulations to Genette and Lee. You were wonderful, doing everything that was asked of you. And the result was that you can move on with your lives.
Short sales require skill and expertise. If your agent does not have experience with the short sale, then you need to find one who knows what they are doing, who to talk to, how to talk to potential buyers to educate them and keep them in the fray while negotiations are going on.
Get a chuckle.
Watch Real Estate Guy video. 30 seconds