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
Pam lists and sells homes in Jacksonville, Orange Park, Green Cove Springs, Fleming Island, Middleburg,Ponte Vedra, Atlantic Beach, Neptune Beach, Jacksonville Beach, Orangedale, Fruit Cove, Switzerland and St Johns County Florida.
Are you facing foreclosure? Call Pam at 904-910-3516 to discuss your options.
Pam Graham with All Real Estate Options handles Jacksonville Florida short sales, Orange Park Florida short sales, Fleming Island Florida Short sales, Middleburg Florida short sales, Green Cove Springs Florida short sales, St Johns County Florida short sales, Ponte Vedra Florida short sales, St Augustine short sales, Palm Valley short sales, Duval County Florida short sales and Clay County Florida short sales.
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Mortgage Assistance Relief Services Disclosure
ALL Real Estate Options is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
