Property:
3 bedroom 2.5 bath townhouse in Kissimmee Florida.
Hardship:
Investor owned property. Loss of income.
1st Mortgage with Citi Mortgage for 92,000. Agreed to accept $55,200 or 60% of the balance owed.
2nd Mortgage with Chase in the amount of $62,400. Agreed to accept $3,000 to release the lien and an additional $12,000 to release liabilty.
Seller contributed $1,700 to closing and $12,000 to the 2nd.
The transaction took 90 days from contract to closing.
Challenges:
Getting a squating tenant out on day of closing. I finally had to go over and put on the "ugly face" to make it happen.
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.
Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved
Congratulations, it is always wonderful to hear about cooperating folks. Go Citi!
Hi Broker Bryant...Just keep racking up those closings. I can hear the sighs of relief from everyone involved all the way up here in Virginia.
Kate
Are we going to be seeing that 'ugly face' sometime soon?
Margaret
Congratulations ... its always good to hear when a short sale works!
It sure is nice to see that both were in agreement and that it got to closing. 90 days is surely a quick one?
Well done - 90 days sounds fast nowadays for anything to happen!! on any deal short of a cash deal..... Well done on a great post.
Well done - 90 days sounds fast nowadays for anything to happen!! on any deal short of a cash deal..... Well done on a great post.
You sure it was the "ugly face" and not your weapon for ridiculous counter offers?
CONGRATS! Could you please post a pic of the intimidating "ugly face." lol
BB - Congratulations on another success. Do we get to see the ugly face sometime? Or is that a secret weapon?
Jeff
Great job BB. Hope you have thousands more. Or actually, I hope we get into a market where short sales won't be a necessity.
Success comes to those who are persistent and have an ugly face...
Great job and quick, Bryant!
Squating tenants are getting more and more common, and can create a real problem is agents do not know how to use techniques such as the "ugly face." Congrats on the closing.
Hey Dad, just in case your ugly face doesn't work, just show em mine too...
I am so glad to see fewer and fewer short sales coming onto the market and those that are listed seem to suddenly be closing quicker!
LOL Son...
If his face doesn't work...I'll sic you on 'em :)
TLW...ROAR!
BB, good job on the negotiaton on this one too! The Chase piece was brilliant!
And ... your son can definitely put on the "ugly face"! Must be a chip off the old block! ;-)
I'm glad you got rid of the tenant without having to bring in the big gun--the TLW!
Congratulations!
Robin