St. Cloud short sale sold-Wells Fargo and Suntrust
Published On: April 7, 2011 Posted by: TownsRealty
I am proud to announce that yet another of my St. Cloud short sale listings has closed. This home had two loans: first with Wells Fargo and second with Suntrust.
The seller had paid $404,000 for this home in 2007. The value of the home dropped more than 50% over the past 3 years.
We got an offer on this home immediately. The house was in an immaculate condition and priced to sell.
The offer was $187,000 and we got the approval of short sale from Wells Fargo a month after the short sale was submitted.
The problem was with Suntrust who took a long time in processing the short sale and Wells Fargo didn’t want to extend their approval to give us time to obtain an approval from Suntrust. Buyer walked away and property was put back on the market.
We got an offer right away at the same price as the first offer. We received the approval of short sale from Wells Fargo again in a month and also an approval from Suntrust within 2 months.
Buyer was able to close within 2 weeks from short sale approval.
Seller was released from all future liabilities on his first lien and got only an insignificant note from the Suntrust. The seller 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