Jacksonville Real Estate Ramblings

 Successful Short Sale in St Johns Florida!

The property: This was single family home in St Johns County Florida with 4 bedrooms, 2.5 bathrooms, 2666 square feet. Fenced yard, needs some sod, new paint and some flooring. Desirable neighborhood. The biggest concern for people was that the master bedroom was upstairs. 

Hardship: Loss of job, found employment requiring relocation.

This was the grandaddy of all short sales, one that tested my and the seller's endurance! This listing didn't start out as a short sale, but certainly ended that way unfortunately. This one had a first mortgage with Wells Fargo and a 2nd mortgage with ING. Once it became a short sale, we finally got an offer, the BPO came back 35k over contract price. The contract price was not a low ball offer and we had the house at the the BPO price months before without any success. 6 or 7 offers later (I lost track) we had a buyer willing to wait for approval, wasn't paranoid about the house flooding, which there was never a reason for the one buyer to think that, willing to do some repairs and pay the past due HOA fees. ING was easy to work with, Wells Fargo not so much. I had to fax in the same docs over and over, I was trying to get an extension and couldn't get an answer from the negotiator for weeks until I emailed the CEO of Wells and other higher executives, which produced a supervisor who gave me their direct number to call and the much needed extension.

Once we were ready to close we had issues with a Quitclaim deed that was never done,  the new lender firing the loan originator, the paperwork getting shuffled, the VA appraiser requiring the carpets to be professionally cleaned and the new lender missing closing deadlines, we finally got this closed. It really makes a difference when everyone has patience and cooperates with one another. The seller was great at getting me required docs, the buyer was patient and understanding, the buyer's agent was professional and never took the lack of communication from Wells on me. And of course the listing agent was not going to allow this last contract fall through and did everything in her power, legally, to make sure this closing happened. In the end, the seller had no promissory note and no seller contribution. The loss to the banks were approximately 55k, with the banks waiving their rights to a deficiency judgment. The sold price was 192,000

This experience is kinda like childbirth, the labor pains hurt like heck, but once you have the baby you forget. This short sale hurt like heck, but now that it's over and closed, I'm happy it worked out for everyone involved, and yes, I would do it again!

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

The property: This was single family home in Middleburg with 3 bedrooms, 2 bathrooms, little over 1300 square feet. On a cul de sac. House was in move in condition. New roof, tile flooring, ginormous backyard. 

Hardship: Required relocation, loss of tenants.

Short sale scenario: 2 loans, one with Wells Fargo, one with Bank of America. Only had one buyer on this house.  From contract to closing it took 3 months. The seller did have to contribute around $300. No promissory note and the defiency judgment was waived on both loans. Sold for 81k, owed a total of approximately 120k.

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

The property: This was a single family home in Jacksonville with 4 bedrooms, 2 bathrooms, little over 2000 square feet. On a cul de sac. The house needed some paint, carpet and a little tlc. 

Hardship: Loss of tenant, couldn't get reliable tenants. Financial difficulties. 

Short sale scenario: One loan, with the lender being Select Portfolio Servicing. We were in  a multiple offer situation, with the highest and best offer submitted. The BPO was done before the offer was submitted. It took around 2 months from contract to closing.  This sold for 182k, the bank paid 7k towards the buyer's closing costs. The seller owed around 245k. There was PMI on the loan, which the bank put into place on their own after the owner had bought and closed on it. The seller had a promissory note to pay to the PMI company.

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

The property: This was single family home in Middleburg with 3 bedrooms, 2 bathrooms, almost 1800 square feet. On a cul de sac. House was in move in condition. 

Hardship: Required relocation.

Short sale scenario: The lender was Navy Federal. Only one loan. The seller's continued making their payments all the way up to closing. Took 2 months to get short sale approval. Not easy to talk to the negotatator. Whenever I called to get updates, I was never put through to the person handling the file. I could only get updates from the person who happened to answer the phone that day. Only one contract on this home. Sold for 151k, owed approximately 206k. No promissory note, but the seller did contribute 5k at closing.

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

The property: This was single family home in Middleburg with 3 bedrooms, 2 bathrooms, little over 1500 square feet. Ginormous fenced backyard.

Hardship: Divorce situation, financial difficulties.

Short sale scenario: We did have an offer on this property before the final one that closed. The first offer was approved in 32 days. This short sale was with Litton Loans.  This is another lender who is easier to work with, from contract to closing (the final offer that stuck) was only 40 days.  The seller did have a promissory note of $3k. Sold for 104k, owed 175K. 2 loans both with Litton.

The real estate market would turn around faster, if we could decrease the short sale inventory drastically. One way of doing that would be to have a faster short sale approval turn around. Less buyers walking away from getting impatient.

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

The property: This was a condo in Jacksonville with 2 bedrooms, 2 bathrooms, almost 1300 square feet. A one car garage was included. This is a gated community, with a pool and clubhouse. 

Hardship: Drop in income, resulting in difficulties affording the mortgage payment and HOA fees. This condo development had WDO and structural issues, so the values dropped significantly and only cash buyers could purchase, no financing.

Short sale scenario: This deal took about 6 months from list date to closing to complete. The lender was Wells Fargo Mortgage. Between having to re-fax paperwork, a delay on the attorney's part, being assigned a new negotiator, this deal was shaky.  The values kept dropping and the buyer was getting antsy. The buyer wanted to do an appraisal even though it was a cash deal. Finally, we got the approval and the buyer decided they were getting a great deal and closed without doing an appraisal.  The seller owed close to 200k, the condo sold for 47k. No promissory note required and no cash contribution from the seller.

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

Other successful short sales I've completed:

• Wells Fargo Financial
• Navy Federal
• Litton Loan
• Wells Fargo
• Bank of America
• Select Portfolio Servicing, Inc
• HSBC
• Provident Funding
• Litton
• Vystar
• American Home Mortgage Servicing Inc

The property: This Middleburg townhome is  2 bedrooms, 2.5 bathroom, almost 1300 square feet. Very low HOA fees.

Hardship: Was a rental, had difficulties renting. Owner also had some health issues to deal with in the family.

Short sale scenario: By far, this was the best and easiest short sale to complete. The lender was Wells Fargo Financial, which is different than Wells Fargo Mortgage, but part of the same family. Wells Fargo Financial's short sale procedure is to start the short sale process when the house is first listed. They assigned a negotiator and had the BPO done quickly. We established a price and once a month, I completed a market report form and we would reduce the price to generate showings. Once it went under contract, I had an approval with Wells in a week. The buyer even received a $3k carpet allowance. No promissory note and no out of pocket money from the seller. Sold for $80,000 with over 50k forgiven.

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

Other successful short sales I've completed:

• Wells Fargo Financial
• Navy Federal
• Litton Loan
• Wells Fargo
• Bank of America
• Select Portfolio Servicing, Inc
• HSBC
• Provident Funding
• Litton
• Vystar
• American Home Mortgage Servicing Inc

The property: This Jacksonville home is a 3 bedroom, 2 bathroom home, a little over 1600 square feet. Very unique tub and shower combination in the master bath room. 

Hardship: The house needed some repairs, plus there was a loss of income. Another negative is this house is located on a busy road.

Short sale scenario: The lender on this one was HSBC, who is one the few lenders who make the short sale process better. There was an offer on the house that fell through due to buyer financing, but helped get the process started. This was one where the short sale process started once we got it listed and had a BPO done, days, after listing it. And once a complete short sale package is submitted it can take 7-10 business days for approval! The second contract took only 16 days from contract date, to short sale approval to close. When a lender starts the process when the house is listed and has a fast turn around time, there is less hassle, less contract fall throughs and just a better experience for everyone involved.  This is how all short sale should be handled.

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

Other successful short sales I've completed:

• Wells Fargo Financial
• Navy Federal
• Litton Loan
• Wells Fargo
• Bank of America
• Select Portfolio Servicing, Inc
• HSBC
• Provident Funding
• Litton
• Vystar
• American Home Mortgage Servicing Inc

The property:

This is a 3 bedroom, 2.5 bathroom home located in Jacksonville Florida. The owners started some renovations in the kitchen and the bathrooms. It still needed a little more work but had a great start.

Hardship:

This was a divorce situation and the seller couldn't afford to keep the house.

Short sale scenario:

There were two liens on this house, the first with Provident Mortgage and the 2nd with Vystar. Vystar was a piece a cake to work with, Provident much slower. We had two previous contracts fall through, before the 3rd stuck. We got the approval, only to find out after the inspections were done, that the septic and drain field had some issues that would cost about 3k to fix. The buyer was willing to pay for half the repairs and wanted the bank to pay the other half. So, I presented the buyers request along with the inspection report and estimate. The bank said no. The investor doesn't make repairs. I knew the investor was Freddie Mac and I also knew an exception could be made, because I called them myself and they told me an exception can be made. Meanwhile, the prices had dropped by about 20k, due to the 1st lien taking months to give the approval and lots of foreclosures in the neighborhood. If this fell through, we would have to start all over, 20k less AND still have the repair issue. I built my case and submitted it to the negotiator. Again a no, this time I contacted supervisors, CEOs, COOs and submitted my case. Another no, but this time with the bank rep telling me the agents should reduce their commission to help cover the costs. In all the email correspondences I received, I had gotten the rep for Freddie Mac, who was handling the file. I emailed her all the facts and requested they cover half the cost. They agreed, without a reduction in commission! Shew, what a battle won. In one of the emails I read the following:

"Per the emails below, 3rd party is asking for an exception to cover half the cost of a septic repair (approx $2,808.00).  Please advise whether this can be done as 3rd party is very persistent and has contacted several of our managers regarding this issue.  I advised her the investor does not cover repairs, but she contacted the investor, who advised an exception can be made."

Being persistent paid off. If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

• Wells Fargo Financial
• Navy Federal
• Litton Loan
• Wells Fargo
• Bank of America
• Select Portfolio Servicing, Inc
• HSBC
• Provident Funding
• Litton
• Vystar
• American Home Mortgage Servicing Inc