Real Estate Guy Team are happy to announce yet another successful short sale closing. We were able to help Jeff and Heidi R and their 3 children out from under a noose of 2 mortgages. Better still they walked away with $2400 cash thanks to the Obama administration’s HAFA program to help home ownership.
Difficulty began the same way it does for millions of American homeowners, with severe cut back of income from both jobs combined with inability to refinance. Then there was a 2 year attempt to modify, with BofA dragging out the application, before denying. Unsure what a short sale is?
Even when RealEstateGuy team became involved, the application process for the HAFA program was marred with ineptitude, closed files, lost files, wrong instructions, etc.
Here is what worked, and this is what has to work each time there is a successful short sale:
A great buyer, willing to pay the full price, they moved past the inspection thanks to the sellers paying for a pre-inspection.
2) The buyer’s agent was great in advising the buyer what to expect and keeping the buyer’s interest. (Judy)
3) Determined sellers, willing to do whatever needed, when needed. This included a pre inspection and chasing down bank of America when necessary. (Jeff and Heidi R)
4) An agent with knowledge of short sales. Able to price the home low enough to accept buyers, high enough for the bank to accept.
5) An amazing assistant, with the tenacity to fight with BofA. The patience to be on hold for hours at a time, and the skill to know when the person on the other end of the phone is misinforming, or worse lying.
6) A closing/title company who knows short sales, and is willing to bend over backwards , to accommodate the demands of the lenders payoff requirements. (Homestead Title)
There is an unusual twist in the story. So we are given the ok to close, and Homestead did their due diligence to make sure all BofA requirements are fulfilled. Done Deal you might think. No later that evening we receive an email from BofA saying HUD denied. Once again the team swings into action with an intense period on the phone to make sure all sides of BofA are happy.
The end result, the sellers walk away with 3 times more $$$ than expected and BofA with less. (Amazing business decision!!)
This one is our first successful close with Bank of America. Even thought we have closed approximately 30 short-sale, Bank of America has been our bogeyman, actually their is the reason they have a bad name and why so many agents avoid
listing or showing BofA short sales.
If you are in a situation you need to get out from under your debt and prefer an option that is not foreclosure, http://www.ShortSalesMadison.com.
While you are at it, here is our latest search for homes for sale. Search homes for sale Madison Wi
RealEstateGuy has been a full time, full service Realtor since 1993. He is dedicated to helping people achieve their Real Estate Goals and dreams. In order to provide more specialized service, Guy selected a team of specialists. Guy believes in constantly learning more, so regularly attends national seminars and trainings. Guy has been a top producer, leader in his office, a president of the Wisconsin chapter of CRS, and has spoken at State Realtor Conventions.