Short Sale Success in the Fredericksburg Real Estate Market
This morning was a very good morning for our real estate team. It was one of those moments that Realtors who love the business work for. We experienced true joy on the face of our clients. Let’s rewind just a bit to put this story in perspective.
Our clients needed to sell their home. Like many sellers in the Fredericksburg real estate market, they were upside down by about $100,000 and needed to do a short sale. Nearly a year ago, their file was given to a “professional short sale negotiation”firm to manage and negotiate a short sell with their bank. That negotiation went absolutely nowhere. (As a side note, our team is very leery of listings where “professional” negotiators are involved.)
We took over the negotiation of the file after the previous situation had run its course. It was an incredibly difficult short sale because of the apparent incompetency of the bank’s negotiator. But, finally we prevailed. We not only secured a buyer at full market value, but successfully negotiated the short sale, and closed this morning. We negotiated away approximately $100,000 and our clients paid a mere $65 at closing today to cover a termite inspection.
The joy of having this burden off of their back, avoiding a foreclosure, and being able to resume their life was completely evident in their smiling faces today. They are great people and we are happy the situation worked out well for them.
Our team has managed and negotiated MANY short sales. To date, we have had ONLY ONE that was unsuccessful. That situation was unsuccessful because the seller didn’t cooperate once we had negotiations underway and the transaction fell apart because of it. I don’t say this merely to brag, although I know without a doubt there is no real estate team in the area who is better than we are at negotiating short sales. I am writing this because I want homeowners to know, despite any media coverage to the contrary, that short sales still can and do work.
BUT… heed this warning. Don’t wait until it is too late to begin the short sale process. Don’t wait until the bank is ready to auction the property before you call us. We are working hard to save a situation where the seller did wait until the hammer was about to strike before they hired us. We are going to try to stop the foreclosure, but it will be difficult.
Call us as soon as you know that you need help. That gives you and us the best chance at success and avoiding foreclosure, bankruptcy, judgments, and all the ill things that come with losing your home to foreclosure.
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Category : Blog