SHORT SALE SUCCESS!
Finally...closed Friday! After 15 offers and months of waiting on Freddie Mac and Dytec to agree on a settlement on the short sale, I was able to smoothly close a short sale transaction for my family.Short sales are their own beast...the banks do not comply to any rules and they make the rules when it comes to real estate
transactions; however once closed buyers will have equity in their home. At the close of escrow we already have $30,000 in equity in a home purchased during a seller's market. That is brilliant!
So what is a short sale? A short sale transaction is a transaction that involves a transfer of real estate between a seller and buyer where the seller is going to sell the home for less than what the loan amount is. The banks who hold the loan have to agree on the amount they will be paid out to satisfy the loan as paid in full. The banks will be paid less than the loan amount owed; therefore they have to agree to amount they will accept. This back and forth negotiating can take up to 6 months.
I wrote the offer on our home the first week of June...found out the last week of August that the bank accepted the offer...and closed escrow the last week of September. A wait of this length takes a toll on any buyer, even a real estate broker trying to build the American dream for her own family.
Was it worth it? YES! We love our home and began the remodel on Monday. Stay tuned to see the daily progress.
Posted via Blogaway