Apple Valley Ohio Lake Community by Sam Miller

head_left_image

THE 14 MONTH SHORT SALE THAT FINALLY CLOSED!

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!!

The Jackson Team 

 

 

 

 

 

 

 

 

 

 

 

THE JACKSON TEAM  614.888.1000   614.431.1220

VISIT US AT WWW.THEJACKSONTEAM.NET

 

Comment balloon 2 commentsSam Miller • April 14 2011 10:20AM

Comments

Wow, good job.  It should not be this difficult of a process however kudos for sticking in there.   Keep up the good work.   

Posted by Joe Gonzalez, NMLS# 126036 (610) 739-6563 (CrossCountry Mortgage, LLC NMLS #3029) almost 9 years ago

What a leap of faith!  Glad it closed, congratulations!

Posted by Mary Sitton Real Estate Team, Realtor® - Hendersonville, NC and WNC Area (Mary Sitton Real Estate Team -) almost 9 years ago

This blog does not allow anonymous comments