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Avon Lake Miracle Short Sale

Avon Lake Short Sale

In need of a Short Sale Miracle in Avon Lake?
Call 216-324-6637

Recently I completed a short sale that I listed earlier in 2010. This home needed a lot of cosmetic work but was a solid home in a desirable neighborhood in Avon Lake, OH. Sheriff sale was about 45 days off and we got an offer almost immediately for a little bit under the asking price of $175,000. The owners owed $200,000 on a first mortgage lien to Litton, $48,000 on a 2nd mortgage to Citimortgage, $12,000 on a judgement lien to chase and $6,000 on Credit Union judgement lien.

Getting that multiple lien holders to play nice together is very very difficult in a short sale. Normally the first priority lien tries to gut all the other liens down to accepting $500 to $1000 or some other minuscule amount because they are in a position to lose the least when they go to foreclosure. This of course doesn’t give much incentive to all the junior lien holders especially if there is a substantial amount owed. Many agents would have never tried such a difficult short sale as it only takes one lien holder to say “no” and all of the very hard work to bring together the parties and negotiate a short sale will be wasted.

Because of my experience I am confident in negotiating multiple lien short sales and was able to set things up from the very start of the negotiations with the buyer so that we could be as certain as possible that this sale would close. Many agents don’t know that a successful short sale starts with with the buyer seller negotiations and how extremely vital these are.

Although Litton promised a short sale approval in a matter of 2 or 3 days it ended up taking us almost 40 days to get this verbally approved. The very next day after the verbal approval they called us up and turned down the short sale because it was to near sheriff sale (hello we could have had this closed by now if you guys could have made up your mind sooner) and they didn’t want to take the chance of fronting more foreclosure money if the buyer didn’t close. After much back and forth I got absolutely no where with the representative assigned to the case and she refused to allow me to talk to her manager.

We then went crazy sending off fedex packages and attempting to contact the CEO and different Vice Presidents in the company via phone and email. We also went through our contact lists contacting the actual investor / owner of the loan as well.

Our message reached the office of the president in Litton and was then forwarded back to the supervisor of the previous rep we were working with asking her to take care of us. She called me up and although she gave me the same reason for canceling the sale, I was able to convince her to cancel the sale as long as the buyers would agree to remove their contingencies immediately… which they did. She assigned it to a new rep and we had an acceptance letter the next day. The sheriff sale was canceled and we closed several weeks later with out any drama.

This deal happened only because there was a motivated buyer, a motivated seller and an experienced professional (and all though I hate to admit it maybe some divine intervention).

Does your Avon Lake Home Need to be sold via a short sale? Call me my cell phone at 216-324-6637.

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Andy Morris is an Ohio real estate broker with an expertise in selling homes on a short sale. If your Ohio home is heading towards foreclosure or you owe more than your property is worth, please call Andy at 888-4-STOP-IT to see if you qualify for a short sale with your lender. Are you not in my area? My foreclosure answer service is free to you to. Call me!

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