.....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.
- The Short Sale Package was submitted in it's entirety 3 times.
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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