You Don't Have to be Delinquent to Short Sale

By
Real Estate Agent with Florida Luxury Realty SL2337465

I use a very nice Attorney and Title company to handle all the negotiations for my Short Sellers and now with the issues of Realtors violating their Transaction Broker relationship by sharing more information during a short sale then is covered by "Limited Confidentiality" I am super happy I do use one.  I also today have written a disclosure for my sellers to sign that states durning the course of the short sale process I may need to share more information than I would in a standard transaction.  BUT That is another Blog all together.


Yes! You can do a Short Sale without being late on your mortgage or seriously delinquent.  The fact that you are needing to sell and the market values have dropped can be enough of a hardship for some lenders.  If your employer has transferred you to another city your need to move is a great reson to do a short sale while remaining current ont he loan.  

A Year and a Half ago I listed a home for sale knowing darn well it was overpriced.  I wanted my sign out there and I did in fact recieve a buyer from that sign.  4 months ago we enetered into a short sale with the bank.  They said bring us a contract for sale and we will work on approving a short sale.  So we did.  Home was listed at $119,900. offer came in at $110,000. cash and we sent it off to the lender.  2 weeks later interior BPO is completed and comes in at 121,000.  I smiled since my list price was so damn close.  2 more weeks lender says we want to walk from closing with $100,000.  The 110 offer was $3,748.69 short of the lender getting the 100,000.  Buyer sends me over an addenda to contract with a sales price of $113,800.00 which i happily sent to the lender.  Mind you our contract has a closng date of September 9, 2011.  Yesterday Aug. 22, 2011 Lender says they are approving the sale at the $113,800.00 and the buyer says we will be ready to close on the 9th.  Today the home inspection was completed.  Were just waiting to close. 

Through all this the homeowner maintiained his mortgage on the home and rent in his new city plus electric and water at both places and his car and insurance etc... never late, never missed a payment.  We have another happy seller and buyer in the world today.  If you or anyone you know in Pasco County Florida needs to sell but dosn't think they can, contact me.

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Rainmaker
44,605
Rich Quigley
Chicago, IL

Mike, Good post and a good explanation of negotiating a short sale. I've been fortunate enough not to have dealt with any, but a large part of our market here is short sales.

 

Aug 24, 2011 05:56 AM #1
Rainmaker
150,196
Michael J. Gallo
Florida Luxury Realty - New Port Richey, FL
Florida Luxury Realty - Gulf Home Sales Team

Rich, honestly I like doing short sales.  It allows me to truly help someone move forward and reach their goals.

Aug 24, 2011 08:33 AM #2
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Rainmaker
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Michael J. Gallo

Florida Luxury Realty - Gulf Home Sales Team
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