About Key Largo's Mariners Club

.....only took 9 months!!! And we are not closed yet. Amazingly we still have the original Buyer that went under contract at the end of April 2009.

Property location:

• Florida Keys (Vacation home)
  

Hardship:

• Illness.
  

Lender(s):

• Chase on the first and 2nd. About 5 months into the Short Sale transaction the 2nd was passed off to Allied International Credit (AIC).

Purchase Price:

• $303,000

Amounts owed:

• Chase was owed $693,000 on the first and agreed to accept $273,000 (39% of the debt)
• AIC was owed $94,000 on the 2nd and agreed to accept $3,000 (3% of the debt)

Terms:

• No note. No cash contribution.

Special conditions:

• This was a co-listing with Kelly Willey from ActiveRain. She handled the property and I took care of the Seller and the Short Sale negotiations. There is also a Broker on the selling side. Chase agreed to pay 3 Brokers. There was a HOA lien for $18,000 that the Seller paid off. Took 90 days to get under contract.

• The Short Sale Package was submitted in it's entirety 3 times. 

We should be closing next week with a cash Buyer.

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

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