.....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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Bryant, that's unbelievable. Chase seems pretty quick to forward me their credit card rate increases that shot through the roof despite having never been late on a payment. Guess when it comes to helping out the economy or the consumer they take their time. Go figure.
Good Luck with your close Bryant. Persistence always pays off!!!
Whew....a long, hard, J-O-B :::::: Applause ::::: for your persistence! Your team has done a great job!
Good job on that one. Nice pool. Looks like a nice place to vacation!
Congratulations. I called on my two current short sale listings today. Fortuntately both of these only have one loan so I could hope that they would be a "slam dunk" but we all know there is no such thing with short sales.
BB - I was wondering about your FL Key Short Sale, since this is a short sale approval, best of luck to getting it to closing - which I'm sure it will.
Bryant - Chase is not fun!! Great job.
One word, BB. WOW. Our numbers (the forgiven debt) are much, much lesser. Typically in the $35-$55K range.
Congrats! Sounds like you've been hard at work on this one! oh, the trials and tribulations of short sales!! :)
Hi Bryant... Chase agreed to pay 3 brokers? WOW! Did they pay each the same % they would have if there had been only 2 involved or did they redistribute the % they would have paid to be split among the 3 brokers involved?
Short sales do close, but I wonder about the mental health of everyone after going through all that, especially the Sellers.
Good question Steve. Normal commission. Kelly and I shared the work and the pay.
BB -
Heartwarming story! Thanks so much for sharing it! :)
I'm glad you have the patience for those. I'm with Russel on the mental health part. I would be anxiety-grand-central! My nerves can't handle it. And my new partner is the same way. LOL. We have strengths where the other one needs them in almost everything. But not in this area! I just can't deal with incompetence. When it's another agent, I can just do their job for them. But when it's a bank, we're all at their mercy. No thank you!
My hat's off to you for keeping the buyer that long. I'm into a Chase short sale right now since September.......please don't tell me it takes 9 months!!!!
Hopefully you are getting closer. Luckily it sounds like you have a buyer that knew it may take some time to get approved and closed.
Congrats- Chase is amazing aren't they? Have one in since August and buyer hanging on! Kudos
Congrats Bryant! Chase is not fun to deal with by any means.
Yeah! The buyer gets a home in Key West for $303,000! Now THAT is a STORY! Great News!
Very nice Bryant. Amazing buyer that stuck with it for 9 months. Great job.
Bryant,
Chase sold AIG a second note when they were 5 months into a short sale!!!!!!!!!!!!!!!!!
No wounder Obama had to give AIG our Grandkids tax money!
Go Chase!
My Wamu accounts are at Chase.
Go Chase! Go Chase! Go Chase!
Go! Go! Go!
Bill
Oops!! Sorry Bill. AIC not AIG.
Wow ...you ARE a miracle worker! Amazing they took such a loss.
BB, that's excellent insight for me since I'm 2 months into 1 of 4 Chase Short Sales. Thanks!
From the desk of David Dee,
BB, really nice. Chase is what it is. We're always chasing them around. :) BofA and them are some tough cookies to handle.