Longwood Homeowner Avoids Foreclosure
So why did I choose the above picture for this article? The state of Florida has experienced severe declines in real estate market value since 2007. Four years later the Longwood real estate market is still in distress.
In February a Realtor friend approached me about completing the short sale negotiations so a Longwood Homeowner Avoids Foreclosure. The seller's lender would not allow her to complete the short sale because her last name was the same as the seller's.
To make matters worse this home had been languishing in and out of contract for one year before I took the listing in February 2011. Bank of America would not agree on the current market value. They wanted $200,000 and multiple buyers were offering $145,000-$155,000.
So how do you resolve this issue? I convinced the seller, who lives on a fixed incom), to pay for an appraisal. This appraisal would be an opinion of value from a 3rd party. This was not my opinion and not the bank's opinion! The appraisal came in at a price far below the bank's estimate of value! The appraiser documented the bad plumbing throughout the house, the chimney issues, the old roof, the bad septic tank, the bad well, and many other issues.
Before the Longwood short sale seller paid for the appraisal, I convinced the lender's negotiator to speak with the investors (they actually own the loan, not the bank) and check if they would consider a 3rd party opinion of market value. After the lender's negotiator emailed me that they would at least review it I gave the short sale seller the go ahead so they could be another Longwood Homeowner Avoids Foreclosure.
A week after the appraisal was submitted to Bank of America the seller's received the short sale approval letter! They were relieved that we made it this far in the process. This occured May 23, 2011, 3 short months after my initial negotiations with Bank of America. Unfortunately the buyer under contract decided she could not wait any longer right before the approval letter came and she promptly withdrew her offer! The buyer's agent was riselient and brought another buyer and we were quickly under contract again!
Thankfully Bank of America accepted this short sale and we closed this transaction on July 29, 2011. The owner did not have to bring cash to closing, or sign a promissory note, or deal with a deficiency balance. Since this was an investment property the only further issue concerning this sale is the taxable income they will have to file for their 2011 income tax returns.
If you are someone who would like to say "I am another Longwood Homeowner who Avoids Foreclosure" then contact Thomas Staples, an experienced Realtor who gets results, at (407) 619-6249 or thomas@thomasstaples.com.
I also provide services for short sale sellers in Orlando, Maitland, Winter Park, Ocoee, and surrounding areas.
