Another successful Short Sale approval in Poinciana Florida.
Property Value: $85,000 to $90,000
Amount owed: $185,000
Hardship: Loss of rental income on several rental properties (this one included)
Loan details: Fannie Mae with Mortgage Insurance
Property was placed on the market on May 8th for $109,000.
The price was slowly dropped until it went pending on June 10th at $85,000.
After about 6 weeks Fifth Third came back wanting the Seller to bring $35,000 to closing. The Seller offered $1,000. The transaction fell apart and the Buyer walked.
The property was placed back on the market on August 20th. On August 27th it went pending again at $87,500. A complete Short Sale package was sent in again on September 2. Within days Fifth Third came back wanting $35,000. The Seller stood firm on his offer of $1,000. Finally after several attempts to get him up Fifth third agreed to $1,000 cash at closing.
We received written approval on September 18 only 16 days after submitting the 2nd contract and package. Sometimes the second time is a charm.
Working Short Sales is very rewarding. If you want to learn more………..
Available Short Sale Training:
- The Negotiator Interview $27.00
- www.ShortSaleSuperStars.com FREE
- Short Sale Agent Training Webinars 8 Hours of training and materials for $97.00
- Short Sale Listing/Submission Package $27.00 Click for details
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
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