Call Scott Gregory NOW at anytime at (850) 501-2574 / www.ScottGregoryHelps.com / http://www.greatpensacola.com/
The property had a single FHA loan with Wells Fargo that was backed by the U.S. Department of Housing and Development.
The property had been purchased in 2002 for $70,000. The seller refinanced the property two years later and owed approximately $129,000 at the time of the short sale. The sellers had attempted to do loan modifications several times but ultimately decided that a short sale was the best option for them.
Wells Fargo did an appraisal prior to listing on March 21, 2012, and instructed us to set the price at $95,000. This proved to be way too high, as there was little buyer traffic through the home for quite some time and the home had aluminum wiring that needed to be corrected for safety and insurance purposes (cost of the fix runs about $4,000 to $8,000).
We finally convinced Wells Fargo to do another appraisal, and the price was reset at $70,000 on July 2. We reached contract on the property nine days later. After only 15 days, we received written approval of the Wells Fargo short sale.
“WOW! GREAT JOB! This is by far the fastest short sale that I've experienced!” the buyer’s agent wrote us after being notified of the approval.
The sellers also received $750 in relocation funds and a full waiver of deficiency for the balance of the loan.
The home sold for $65,800, with the seller’s lender paying the real-estate fee, property taxes due to closing, title closing fee and title insurance, and State of Florida doc stamps on the deed. The investor accepted a net of $58,896.40 in the approval letter, which represented approximately 46 percent of the loan balance.
If you are facing foreclosure or want to sell a property that is worth less than you owe, call us now at 850-501-2574.
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