Short Sale Record?

By
Real Estate Agent with Jim Free Realty

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We may have set a Short Sale Record. We listed a 2BR/2BA unit on September 20, 2007 as a short sale. The listing price was $585,000 and the complex was only two years old. Shortly after we took the listing the owner filed bankruptcy. The Bankruptcy Court discharged the debt but the court refused to take the property.

 

After almost 4 years on the market we closed the unit this Friday for $210,000. During the listing period we had 7 buyers who dropped out because the lenders and investors could not make a decision. The Lender was smart enough to sell a second mortgage they were holding on the property to an investor for $50,000 just a few months before it closed. The investor soon found out that the second was worthless because it was part of the bankruptcy.

 

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Comments (2)

David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

Wow not sure if its a record but if not it has to be close as 4yrs is almost the start of the implosion???

The most ridiculous part of this is I bet ALL of the 7 previous offers were at least 100k higher...

Glad to see the wait really paid off???????????

Happy 4th

Jul 02, 2011 05:54 AM
Todd Kaufman
Rodeo Realty Fine Estates - Simi Valley, CA
Simi Valley CA real estate agent

Ouch! I'm sure you're glad that's finally over!

Jul 02, 2011 06:06 AM