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Wells Fargo short sale closed in Moreland Hills

You to can sell your home on a short sale when you work with an experienced expert?

We just closed another short sale for an agent outside our brokerage. This agent listed it and paid us to negotiate the short sale for him. This is a little bit different deal than I am used to working on. The seller actually paid an auction company to auction this hoping so that he could potentially get full pay off but knowing that there was a good chance would have to do a short sale. The auction company did an incredible campaign with tv ads, facebook, signs, adwords classified ads and more to market it.

They had 4 overwhelmingly successful open houses with interested people pouring through. However at the end of the day after the auction was over we were not able to get anyone to bid enough to get full pay off. The seller needed a price of $230,000 and had it listed for over 2 years at a higher price but was unable to get it sold. The seller was at his wits end and could not afford to continue to make payments because he had been unemployed for more than a year.

He knew he absolutely must sell someway or he would have to let the home foreclose. As the home was listed for auction the seller ended up stopping his payments to the lender. The we had an immediate offer even before the auction but that was rescinded when, wells fargo the short sale lender did not respond with in 30 days. After the auction our bets offer was $160,000 by an investor. We submitted this to Wells Fargo for short sale approval and Wells Fargo countered that offer by requiring by asking for a net amount to them that essentially was an equivalent of $200,000. That investor didn’t want to buy that high however another buyer from this auction same auction who had been on the fence agreed to purchase the home for that amount 1 week later. In another week we had a short sale acceptance letter and 30 days later we are getting ready to close.

This ends up being a huge service to this Moreland Hills Ohio short sale seller because he had significant retirement assets. The bank knew about this but we were still able to negotiate terms on the short sale letter completely releasing the seller from any future liability from the short sale deficiency. When you need to short sale your home make sure you work with an expert. It could mean huge money to you.
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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? His foreclosure answer service is free to you as well!

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