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APPROVED! A Short Sale Blog Series - #1

Posted by Michael Kara on Tuesday, May 17th, 2011 at 2:50pm.

As part of an ongoing blog series that I would like to start doing regularly, I wanted to share with readers a previous closing.  In 2006, a client (we'll call him Frank) purchased a home for just under $1.5 Million.  Naturally, the market shifted downward in 2008, and Frank owed significantly more on this home than it was worth at the current market value.

When Frank came to me, I gathered his short sale documents and listed his home on the MLS immediately.  Happily, I was able to find a buyer for his home very quickly and my team began negotiating the short sale.  Only 45 days later, Frank was free and clear of the mortgage; I short sold his home for $400,000, which means that the lender took a loss of over $700,000!

Frank was thrilled - he received a full release and satisfaction at closing and had NO closing costs to pay.  Personally, the most exciting part was the fact that Frank's credit was spared because he never missed any mortgage payments.  So, Frank walked away from an upside down mortgage with NO money out of pocket, minimal to NO credit damage, and a full release and satisfaction (which means that the lender can never come after you for this debt again).

These are the kinds of things that Kara Homes & Associates strive for; we want the best possible outcome for our clients.

Look out for the second post of this blog series in the next week or so!

 

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