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Old 08-27-2011, 06:43 PM
 
26,950 posts, read 43,079,339 times
Reputation: 15240

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We listed it mid July and closed last week. Great experience and the seller walked away with $ 33,000 and although they will receive a 1099, nothing else to worry about!

Everybody involved in this short sale was pleased with the way it went.

Even the seller is suprised and was shocked to receive 2 checks at closing for all that money and would have prefered to stay in the home with a mortgage refi but was denied. They even tried it in court and could afford it. Very strange situation and they sellers even would have signed for a higher amount then the lender got from the cash buyer.

The lender didn't even counter their offer which was very strange since the CMA that we did was higher...I guess Chase rather had cash and a fast closing.

Just for buyers/sellers....short sales don't have to take long, it depends who are involved and how much both sides work along.

In this case the seller had every paper needed within 30 min. so it could be provided to the lender a.s.a.p. so no delays there. Buyers had all papers quickly and signed fast...no delay there.

Btw. there were 2 mortgages and the seller was under water for over $ 400 K.
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Old 08-27-2011, 08:32 PM
 
Location: Snellville, GA
468 posts, read 1,292,814 times
Reputation: 163
The seller/owner got $33K at closing? That's interesting, as most owners don't/aren't allowed to get anything out of the sale - hence, short sale.
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Old 08-29-2011, 07:40 AM
 
Location: Fairfax, VA
3,828 posts, read 3,085,991 times
Reputation: 3686
Quote:
Originally Posted by peachstatehomegal View Post
The seller/owner got $33K at closing? That's interesting, as most owners don't/aren't allowed to get anything out of the sale - hence, short sale.
I agree. I had to forfeit the remaining balance in my escrow account and the proceeds from my cancelled homeowners insurance policy.
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Old 08-29-2011, 10:11 AM
 
Location: Barrington
59,528 posts, read 40,847,209 times
Reputation: 19253
Quote:
Originally Posted by bentlebee View Post

Great experience and the seller walked away with $ 33,000 and although they will receive a 1099, nothing else to worry about!


Btw. there were 2 mortgages and the seller was under water for over $ 400 K.

Does not compute.
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Old 08-29-2011, 10:45 AM
 
Location: Boise, ID
8,047 posts, read 26,440,006 times
Reputation: 9396
I thought that on a short sale, the seller had to sign something as aprt of the lender's paperwork stating that they are receiving no proceeds from the sale.

I agree that this does not add up.
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