Another Windermere Short Sale Closed with Bank of America
Published On: November 19, 2010 Posted by: TownsRealty
We are proud to announce that yet another sale of our Windermere short sale listings has closed. We had put this home on the market on June 30, 2010 at an offering price of $174,900. It had a loan with Bank of America.
The seller had paid $270,900 for this home in 2007. The value of the home dropped substantially over the past 3 years.
Because this home was in fabulous shape and in a great neighborhood and area we got an offer within 30 days of the property being on the market.
The offer we received was $170,000 cash. The buyer had a great Realtor who knew the short sales process and wrote a great offer. Plus, she informed the buyer that this could be a long short sale process and the buyer was willing to wait since she loved the home.
It took us almost 4 months to close but not without couple of little snags. We got a response from Bank of America with a counter offer about 2 months after the short sale was started. The counter offer was ridiculously high in price considering that it wasn’t supported by the sales in the neighborhood. Therefore we went back and showed Bank of America that their counter offer price was not supported by the neighborhood sales but they didn’t want to budge.
Meanwhile we fought with Bank of America on their counter offer price and finally got them to see the light on the realistic price of the property and we obtained an approval for $171,000.
The seecret to successfully closing short sales is to never give up and do the due diligence on time. Success is due to persistence, knowledge and commitment.
Now, on to the next successful short sale closing…look out we will post another one soon.