Another Completed Short Sale Transaction in Arizona.

It might be easy to lose sight of the end goal when it comes to short sales, because they don’t happen overnight.  In a typical real estate transaction, it might take up to two months to close on a property.  In a short sale transaction, it can take much longer, depending on the speed of the lender you’re working with, or the skill set of the real estate agent that’s handling your negotiations.

The good news is, our data shows that things are improving, but it most likely is our expertise in lender navigation and the experience that our negotiators have, as opposed to lenders streamlining the process completely.

Without mentioning the parties involved, we just completed a short sale transaction in which the process took a total of 104 days from the time the offer was submitted to the final paperwork being signed at title.  Not a bad timeline considering a non short sale transaction can take up to 60 days.

There are a couple of highlights for this transaction.  All of which are winning attributes!

Win #1:  Overleveraged property – Just under $850,000 was owed on this property.  Short Sale Approval right at $500,000.

Win #2:  Approval Terms, taken verbatim from the short sale approval letter:  “Upon settlement of the short sale proceeds, the mortgage loan will be reported to the appropriate credit reporting agencies as ‘Settled in Full for less than the Amount owed’”

Win #3:  No Promissory Note

Win #4:  Overleveraged Homeowner got a full release and most importantly, peace of mind

Win #5:  The lender avoided taking the property back at the auction, where they would have received even less money than what was approved.

Win #6:  Buyer got a great deal

Win #7:  Another Homeowner helped with the expertise of Green Street Realty.

At the end of the day, we’re here to help as many homeowners as we can, working to make sure that the approval terms are in the homeowners favor.  When we’re working with any client, a buyer, a traditional seller, or a homeowner in distress, our mission is to make our client feel comfortable throughout the entire transaction.  In this case, if the terms of the approval letter didn’t sit well with our homeowner, we might have advised them to not continue down the short sale path.

What’s in your best interest?  Green Street Realty works to help you get there, making it a winning relationship!