Yup. You read that correctly. Murphy's Law was in full effect on this deal. 10 months of pain has come to a successful conclusion. Persistence is key when it comes to short sales.
This particular home needed some work, but was still in fair condition. We had out first contract after 3 weeks on the market. 203k financing, close to a full price offer, and Bank of America wouldn't even look at it. The BOA negotiator and his supervisor both stated the do not accept 203k financing on short sale offers, and declined the file out of the system. That was buyer #1.
Buyer #2 - Short sale appraisal came in 50k over sale price, offer declined and the negotiator refused my request for a dispute.
Buyer #3 - Lost his Job right before I got a full approval on the file and could not obtain financing.
Buyer #4 - Passed through all their contingincies, short sale fully approved, and the buyer decided to walk over the cost of insurance on the property. Over 2 grand a year. Having a long line of backup buyers for the property, we happily allowed them out of the contract, without their $5000 deposit - money in my seller's pocket.
Buyer #5 - Backed out of the contract after their inspection giving no reason. Ahh the beauty of the New Haven Board of Realtors Contract. Never again will I allow a seller to accept an offer on that crappy contract.
Buyer #6 - Cash, no contingincies - CLOSED with a full waiver of the deficiency! HIP HIP, HOORAY!
The key to success in this transaction? Knowledge of the short sale process with Bank of America, AND my clients ability to not get totally frustrated through the entire process providing endless documentation over 10 months. The 5 grand helped ease those pains for sure.
Here's the details!
The details:
Amount owed - $310,000
Sale price - $149,000
Closing costs allowed - $11,000
Net to Bank of America- $138,000
DEFICENCY FORGIVEN - $172,000
All's well that ends well!
Patrick
Why settle for less than 5 stars?
Featured in Connecticut Magazine's March 2011 and March 2012 issues as a top real estate agent in overall satisfaction. Contact me for more information about attempting a short sale in Connecticut.
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