Chase Short Sale Approval…..

Avoid Florida Foreclosure www.CentralFloridaShortSales.com

…..only took 9 months!!! And we are not closed yet. Amazingly we still have the original Buyer that went under contract at the end of April 2009.

Property location:

  • Florida Keys (Vacation home)

Hardship:

  • Illness.

Lender(s):

  • Chase on the first and 2nd. About 5 months into the Short Sale transaction the 2nd was passed off to Allied International Credit (AIC).

Purchase Price:

  • $303,000

Amounts owed:

  • Chase was owed $693,000 on the first and agreed to accept $273,000 (39% of the debt)
  • AIC was owed $94,000 on the 2nd and agreed to accept $3,000 (3% of the debt)

Terms:

  • No note. No cash contribution.

Special conditions:

  • This was a co-listing with Kelly Willey from ActiveRain. She handled the property and I took care of the Seller and the Short Sale negotiations. There is also a Broker on the selling side. Chase agreed to pay 3 Brokers. There was a HOA lien for $18,000 that the Seller paid off. Took 90 days to get under contract.

We should be closing next week with a cash Buyer.

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

 

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