Hi folks. I LOVE successful Short Sale closings. This one had a few issues but I was working with an awesome Buyer's Agent, Evelyn Broxterman, with Keller Williams in Lakeland Florida, she was able to keep the buyer on board for 6 months!! Evelyn is also one of our Short Sale Superstars.
4 bedroom 2 bath single family home located in Lakeland Florida. It was bought new in 2005 for $190,000 as an investment property.
- Mortgage with Bank of America for $170,000
- HOA lien for $2,500
Loss of income due to rents dropping and no longer able to find a tenant.
This property was placed on the market in May of 2010. It had actually been on the market for several years with another company. For whatever reason they were never able to get it sold.
We placed the property under contract in exactly 60 days. Then the games began. The transaction was submitted through the Equator system. After about 45 days BofA came back asking the seller for a $2,500 cash contribution and a $5,000 promissory note. We negotiated this down to just the $2,500 cash contribution and all was well......we thought!! Bank of America issued the written approval asking for the $2,500 but now they not only kept the note in the deal but raised it to $15,000!! YIKES! No matter how hard we tried they would not remove the note.
Soooo......I wrote the investor, FannieMae, a letter seeking help since they were the Investor involved in the transaction. Unfortunately they wouldn't help and sent me back to Bank of America.
We kept pushing and pushing and fianlly Bank of America agreed to remove the note requirement and do the deal with the Seller contributing $4,000 in cash. The Seller agreed and the transaction closed.
The property sold for $120,900 and Bank of America accepted $113,000 on the $170,000 that was owed. Or 66 cents on the dollar. Do you need help with your Florida Short Sale?
Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders.
- Sun Trust
- Wells Fargo
- Bank of America
- US Bank
- PNC Bank
- Fifth Third Bank
- ING Direct
- Capital One
- First Horizon
- Transland Financial
- USA Bank
- IBM LBPS
Can we add you to our list of successful Short Sales?
Are you facing foreclosure in Florida?