The longest Orlando short sale in our company history.
I had just had to share this story about an Orlando short sale that we’ve been working on for well over 3 1/2 years.
We started this file in December of 2008 It was a pretty common story; She had a 1st mortgage with GMAC for 434k and a second with Bank of America for 116k and she also owed her HOA $5,000.00 at that point [now $15,000.00]. The big problem was that even though she owed about 570k since she purchased in 2006, her house was only worth 180k at the point when we took her on as a client in 2008.
Throughout this process it was a matter of getting all the stars to line up at once , which when your dealing with 3 different debtors is no easy task. Buyers get tired of waiting, lenders wanted new bpo appraisals done every 6 months, the HOA didn’t want to budge and we had to stop her Orlando foreclosure several times.
No Attorney Necessary.
In the past three years we’ve had 7 solid contracts, 9 bpo appraisals and we stopped the foreclosure sale date a total of 6 times.s, we eliminated her debt. We closed last week with a cash offer for 200k and to top it all off, we got the lenders to give her $7,000.00 back at closing. By the way, she never once went to see an attorney which means probably saved another 7 to 10 thousand dollars.
Doing the short sale was the best decision for her.
In the end my client got to live rent free for 3 1/2 years and was able to save up some money and turn her life around. We found her a nice rental in Downtown Orlando and she now lives comfortably within her budget. How’s that for a bailout plan?
It’s true that we had to work work many times harder than a typical short sale file just because of constant updating of expired short sale docs alone, not to mention all the buyers we lost along the way because they got tired of waiting on an approval.
However, when you’re in the short sale business, there is no greater satisfaction than to know that you’ve helped someone solve a huge problem in their life and get a fresh start.
