603 E. Spruce St. Tarpon Springs, Florida finally closed as a short sale after a long 7 months!
It started as a regular listing and about 30 days in, we had a contract. But after the inspections, the buyers walked. There was just too many issues including a rotting sub-floor. The seller could not afford to fix the issues. She did have equity in the home but after adjusting the list price for all the problems, we had to put it on the market as a short sale and cash only. The seller left town to move to another state and the house was now vacant.
Shortly after, we received another offer from an investor. The package was submitted to the bank. The buyer chose the title company, which facilitated the short sale. Over the next several weeks, calls were made, messages left yet no response from the bank. Finally, someone was assigned to the file.
More phone calls and left messages. No response. I asked the seller to call the bank as maybe they would respond to her as the mortgagee. They did and told her that they sent someone to drive by the house and since there was a car parked in the driveway, they assumed someone was living in the house and closed the file. What ???? Even if there was someone living in the house, why would they close the file ??
We never did get an answer to that question, but they did reopen the file and the process started all over again. Almost a month later, they sent someone out to do a BPO -Broker Price Opinion. So again, we waited. More phone calls and messages with no response. We are now into our 4th month.
More phone calls, no response. Again, I asked the seller to call the bank. She was able to reach someone and was told the person overseeing the file was on vacation and would be back in a week.
We eventually did get a counter to the buyers offer. Counter offers back and forth and with each counter it took another week or more for the bank to respond. Finally, we came to terms acceptable to all parties. We finally closed and although the seller was frustrated with the delays, she was glad it was over and the bank agreed not to go after her for any unpaid balance.
Short sales are not for the faint of heart. It is always a long drawn out process and there are times when a seller just wants to walk away. But with an experienced agent in your corner, it will get closed. A foreclosure will be on your credit report for 10 years. With the help of an attorney, you can get a short sale off your report in as little as two years.
If you find yourself where you can no longer make the mortgage payments and you can't sell your house for what you still owe the bank, call me. I am a Certified Distressed Property Expert and I'm here to help.
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