Short Sale Success Stories - Oaks Sun Terrace

Wow. The Valentine’s Day special a few posts below has successfully closed. We found a new cash buyer within 48 hours of losing the original buyer and closed today. There were many hiccups along the way but we got the deal done.

Short Sale Success Story

Short Sale and Foreclosure condo prices are dropping like a rock throughout Palm Beach County. Right now the best deals out there are condo deals since the low end detached homes are getting snatched up by 1st time homeowners and investors. Yes there are HOA problems with some of them and yes its tough to get loans on condos, but this is why they are such a bargain if you can come up with the cash.

For example the condo at 136 Yacht Club Dr accross the street from a marina in North Palm Beach was a steal for the buyer.  Countrywide turned down a 33% higher offer just a few months ealier.  The bank wised up and took the next offer of $50,000 cash to avoid a foreclosure. The buyer made out like a bandit and the bank was happy to get rid of it.

Short Sale Success Stories, Palm Beach Gardens, FL

This successful short sale at Sun Terrace in the Gardens recently closed after a lot of waiting for the slowest bank in the industry to finally approve the sale…..Countrywide/Bank of America.  I hear a lot of other agents saying you can’t close a Countrywide short sale because they are so unresponsive, take too long, keep losing documents, etc. Well, this proves that wrong….even after we lost a couple of buyers and the price kept falling.

The seller was transferred for work and needed to sell, so he was happy to get this deal closed and the property off of his back. The buyer got a great deal, the neighbors are happy to get a new neighbor… and the market has one less potential foreclosure.

This successful short sale for $198,000 was one of the easier ones. The seller’s were ultra cooperative with paperwork and showings and were very excited to sell their property.  The home was kept clutter free and showed well to potential buyers.

When seller’s take the time to educate themselves about what a short sale is all about, it makes the whole process smoother.  The major hiccup we experienced in this deal was the timing of the closing in conjunction with the buyer’s move from Texas.  Banks can be tricky on a closing timeline since they don’t really follow any but their own.  After going through the whole process of a short sale, closing times can really be difficult to match up when the buyer is selling another property or moving from another state.

MILLION DOLLAR SHORT SALE

MILLION DOLLAR SHORT SALE - 10747 VERSAILLES BLVD

This short sale success story began late last summer when the owners moved out of a home that had over $1,600,000 in loans on the property in the Versailles community in Wellington.   The only way for them to sell in this real estate market was to work with their banks to negoatiate a short sale. 

The property had a first and second loan that required a lot of finesse and negotiating to seal the deal. Second loans can be very tricky to deal with in a short sale and have been known to blow up deals if they are not happy.  Typically they are wiped out in a foreclosure and receive very little in a short sale.  However, something is better then nothing.

We just closed this deal last week for $630,000….a million dollar short sale.  A lot of real estate agents claim to be experts in short sales….we close short sales at PalmBeachShortSales.com.

• Sales Price: $334,000
• Under Contract - Less then 30 Days
• Closed - 3 months
• Short Amount - $100,000 +

This is a highly upgraded pool home in Oaks East community in Palm Beach Gardens. The seller had fixed up a fixer upper with beautiful bamboo floors and silestone counters.  The buyer picked up a sweet deal in a fabulous community close to all the PGA amenities. 

108 Lost Bridge

108 Lost Bridge, Palm Beach Gardens, FL

108 Lost Bridge

December Short Sale Deal Of The Month

This lovely short sale property in Loxahatchee, FL…just outside of West Palm Beach…went under contract in one week and took only 15 days longer then an average non short sale to close.  It is a newer, flawlessly clean home with 3 bedrooms on an acre lot.  All the new buyers had to do was move their furniture in. 

These type of short sale homes are very good opportunities for FHA buyers to get great deals without having to compete against the multi offer foreclosure crowd on bank owned properties.

The seller’s needed to move out of the area for work.

Short Sale Deal Of The Month - Loxahatchee, FL 33470

Interior Living Area

What a Short Sale Kitchen Looks Like

This charming short sale property went under contract in 35 days. The home has 3 bedrooms and  is located on a 1+ acre lot next to a canal in the Acreage area of West Palm Beach.  The home sold for $125,000 less then the amount owed on the mortgages.  The previous owner had moved out of the area for work. 

The Acreage, West Palm Beach, FL 33412