Altamonte Springs Short Sale Closed with Nation Star and Suntrust
Published On: March 10, 2011 Posted by: TownsRealty
I am proud to announce that yet another one of my Altamonte Springs short sale listings has closed. The owner had two loans with Suntrust and later the first mortgage was transferred to Nationstar Mortgage.
The seller had paid $154,900 for this condo in 2007. The value of the condo dropped more than 60% over the past 4 years.
In Florida the number of condos for sale is staggering and it takes a while to get an offer on a condo.
Our listing was in excellent condition and in a great location and therefore we got an offer within 2 months of the condo being on the market.
After 5 months of negotiating with Suntrust, we were informed that the first loan was transferred to NationStar Mortgage as of December 1, 2010. That stopped the short sale process for about 2 weeks until we were able to get an account number from NationStar Mortgage.
By that time the buyer walked away and we had to put the property back on the market but thankfully we got an offer within 2 weeks at $52,900.
Suntrust this time worked much faster due to an escalation to the upper management and within 2 months we were able to close this transaction.
NationStar Mortgage is absolutely fantastic to work with in short sales and their short sale process is fast from start to finish.
Seller was forgiven the remaining balance of both loans and was very happy with the short sale outcome.
So you see the secret to successfully closing short sales is to never give up and do your due diligence on the file.
Success is due to persistence, knowledge and commitment to your clients.
Now, on to the next successful short sale closing…stay tuned