I took this listing in July of 2011. The owners were retiring and moving out of state. We originally listed the home for $105,900. After a short period, it became apparent that the owners would need to move to their new destination and they would not be able to make two house payments on their new reduced retirement income. At that time we reduced the list price to $64,900 and began to work on the file as a short sale.
The home had many showings and we obtained a cash offer in September for $55,000. I submitted that to the bank immediately for review.
Bank of America, the seller's mortgage company, ran us through the gauntlet several times. Our negotiator with the bank also changed a couple times. Finally, after jumping through all the hoops, Bank of American came back to us in January with a counteroffer proposal of $57,000. The buyer accepted. It took Bank of America soem time to wrap up the process but when they did we quickly closed on the home.
Congratulations to my sellers!
If you are contemplating a short sale on your property, contact me and I can help you through the process.
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