Davenport Suntrust Short Sale Closed.
Published On: January 20, 2011 Posted by: TownsRealty
We are proud to announce that yet another sale of our Davenport short sale listings has closed.We had put this home on the market on June 10, 2010 at an offering price of $69,900. This condo had a first and a second loan with Suntrust.
The seller had paid $239,000 for this home in 2005. The value of the condo dropped about 70% over the past 3 years.
We got an offer on this condo about 2 months after being on the market since the number of the condos for sale in Florida is staggering.
The offer was $64,000. The buyer had a great real estate agent who knew the short sales process. Plus, he informed the buyer that this short sale process could take a long time. The buyer was willing to wait since she loved the home.
After 4 months of negotiating with Suntrust and buyer raising her offer at $68,000 we received an approval from Suntrust. A day after receiving the approval, Suntrust informed us 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.
Thankfully, NationStar Mortgage was absolutely fantastic with their short sale process and we received their short sale approval within a month.
Seller was released from all future liabilities on his liens and the seller was very happy.
Dealing with Suntrust in a short sale is absolutely painful. Their short sale process is so slow and the negotiators are unreachable and do not respond to emails. When a potential buyer on a short sale hears that Suntrust is the lien holder they simply walk away.
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