The 14 Month Short Sale Closes!
14 months, 3 BPOs, 2 appraisals, 3 negotiators from the lending bank, and yesterday the seemingly never-ending short sale closed, eliminating over $200,000 in debt!
Short sales, while becoming a more popular alternative to foreclosure, are extremely difficult to navigate and complete successfully. The process takes months, the buyer must be both flexible and patient, the guarantor must be smart and save cash reserves for future settlements while in this period of time where he is not paying his mortgage, the bank must do its appraisals and BPOs, HUD1s are exchanged, negotiations take place, and finally a closing is schedule… At which point the only remaining concern is that the buyer’s financing can close on time. Using a third party consultant or representative is extremely important. They come with experience, the separate you from your creditors, and if they are good, they will maximize you debt reduction… This is what we do every day
The client I referenced early not only eliminated over $200,000 in debt, avoided foreclosure and auction, but did not pay his mortgage for over a year which allowed him to build funds to settle his other debts. A huge success all around. Many would have abandoned when things got tough, when foreclosure notices we sent from the bank… We did not and we won! We made the best of a difficult situation, the buyer got a good price, the bank was able to turn the collateral into cas, and my client was able to avoid an auction.
