Short Sale versus Foreclosure. Seller sells Kissimmee Florida Home after leaving the home vacant with the help of Sell Fast Realty listing and negotiating the short sale.
Ken had been trying to sell his home prior to listing with Evelyn Good at Sell Fast Realty for sometime on his own. He went to www.SellFastRealty.com and clicked on Sell My House Florida. It was easy for Sell Fast Realty to obtain a buyer on this property within 2 weeks. However, the house had been vacate for sometime so once we received the short sale approval on the property, the buyer needed to have an inspection.
Our contracts that are signed by the Sellers and Buyers always have the following language to protect our Sellers 1)This offer is subject to the Mortgage Companies taking a discount acceptable to the Sellers and waiving the deficiency judgment and 2)Buyer will be responsible to turn on the utilities for inspection.
The Buyer went to have the water turned on and found out that there was a water usage bill do in the amount of $42.00 which the Seller agreed to pay. The Buyer had their inspection on the property and found several things wrong with the property. Since the Buyer was obtaining FHA financing, the Buyer was required to make the repairs pursuant to the verbage that I included on the contract.
After all the repairs where made we were getting ready to go to closing then BAM! – 3 other liens showed up on title. Two liens were for mowing the grass($550.00) and the other lien was a Target Visa Judgment that was against the Seller in the amount of $4,200. I contacted the Mortgage Company’s Mitigator(Negotiator) and was informed that the Mortgage Company would not pay for the liens. I didn’t take no for an answer. (Go www.SellFastRealty.com and click on Using a Realtor to Sell a House Fast Tab)
The Buyer was upset that they spent money on a house and now there were 3 more liens that needed to get cleared up prior to closing. The Mortgage Broker and the other realtor was willing to contribute money towards the liens to sell the property but I didn’t want them to do that when I knew I could get the the Mortgage Company to pay these liens in order to sell the property.
First, I needed to call the Attorney for the Target Visa Judgment and negotiate a settlement. The loan had been transferred to another attorney who said “the entire amount needs to be paid off”. I laughed and said I wish they could but you see, the first mortgage is taking a discount, the second mortgage is taking $3,000 and the first Mortgage Company will not allow you to get paid 100% on this Judgment. I informed them that this was a HAFA program and the most they could get was 6% which equals $252.00. The Attorney said “NO”. I then called Target Visa department and got a hold of their legal department who gave me a supervisor. The supervisor and I did a conference call to the Senior Attorney handling the collection of the Visa Judgment and he agreed to accept the $252.00. I told him about the conversation I had with the other attorney in his firm and he said because I knew someone at Target Visa was the only reason that I got this approved. In other words, because I knew what I am doing I got my short sale approved.
The Seller and the Buyer closed with the Realtors and the Mortgage Broker receiving full payment for services rendered. We have in-house negotiation which allows our Sellers to relax and let us do all the short sale negotiating for them without having all the worries.
I teach short sale negotiating and I have a 9 CD series available at www.ShortSaleNegotiating.com with examples of how to get your deals done. I have saved Sellers over 37 Million Dollars and counting.
Below is the Video of the Seller – Ken who was excited to say good-bye to his home before the 2012 Deadline of not having pay taxes on the short fall amount.
Let’s all work together as a team and help Sellers, Buyers, Realtors and Mortgage Brokers when it comes to selling and buying houses. We all need to help sellers conduct a short sale versus foreclosure.
Saving Sellers $37 Million and Counting!!!
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