This is a great example of sticking with a short sale and not giving up when the deal stretches on for over a year. In the end it all worked out and Joe was able to save a seller and their home from foreclosure.
NOW TO BE FAIR, IT DID NOT THE THE BANK 14 MONTHS TO APPROVE THIS SHORT SALE!
I listed this home in Feb. of 2010. Seller was way upside down and really did not care if it sold or not. All summer it was a struggle to get him to mow the grass! He had moved out of town and the home was vacant. Price first at $140,000, I kept adjusting the price down $10,000 every 30 days until we got to $100,000.
However a sheriffs sale loomed ahead. Since the first mortgage was an FHA, Bank of America (who was GREAT on this short sale) had it appraised. I needed to NET on the HUD to the lender 86% of the appraisal, which came in at $90,000. Dropped price to reflect that, but had not luck. A new appraisal was ordered and it came in at $80,000 and I needed to net around $66,500 to the lender. An offer came in. we pushed and pulled and the buyer got to $74,000. Bank of America submitted it, even that it was not quite enough to make it fly.
Meanwhile, the nightmare began. Water , gas and electric were off. Called all to turn on ,electric no problem. Gas has a back due bill and gas leaks and a furnace that would not fire up. Paid the bill, fixed the lean and called a furnace company to repair! After 2 visits we found out it would be around $350 to fix! Water , same deal, back due bill, paid it , the the value to the main shut off did not work. fixed it , paid it. Got water on! Buyer did inspection and PAID to fix furnace. Now came to removal of seller items. On a sunny Sunday my three children a few neighbors and I removed a chair, lamp, couch and misc stuff . All clear!
Bank of American came back saying $74,000 would not work, so the buyer jumped up to $76,000, got the sherriffs auction stayed ( again) and CLOSED THIS WEEK!
All in All I had lots of hours and about $500 out of pocket but we save another home from foreclosure and the buyer got a great buy on this Westgate home!!
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