It has been a very busy summer for Team Baranowski and The Short Sale Gurus LLC. Every short sale that we engage in is an emotional roller coaster. We hear first hand the heart wrenching stories of homeowner’s financial hardship and their struggle to keep from loosing their home. We also get the see a new family be able to afford a home, sometimes as a first time home buyer, in a very difficult economy and give us hope that the market will stabilize and turn for the better.
This week Team Baranowski and The Short Sale Gurus successfully closed on another short sale in Windswept Estates. It is a wonderful 2,796 square foot 3 Bedroom 2 Bath home built in 2005 by Marlin Design and Construction. It had all the essentials to making a beautiful home: hardwood floors, a fireplace, granite countertops, 10′ foot ceilings and lots of built in cabinetry. The home was located on the popular Windswept Estates golf course, Windswept Dunes.
The home was originally purchased in 2005 at the height of the market for $483,000. The home was listed in March of 2009 and put on a specific marketing and listing plan customized for a short sale. The home went under contract in May and we received approval in July due to the excellent negotiation skills of Joe Baranowski of the Short Sale Gurus LLC. Joe has been negotiating and helping homeowners with short sales for over two years and helps train negotiators across the country. He has negotiated over $15 million in deficiencies!
The buyers had a USDA loan under the SHIP program and it took 30 days to get the loan ready for closing once the short sale was approved. The entire transaction went very smooth and the both the sellers and buyers were a pleasure to work with. The selling agent also was a joy to work with and very professional. I hope to do more transactions with Don. Angie with South Walton Title kept the closing process smooth and streamlines as possible.
Here is a breakdown of the short sale:
Original Purchase price 2005: $483,000 Short Sale Purchase price 2009: $225,000 1st Mortgage: Nationpoint $392,000 2nd Mortgage: Nationpoint $95,000 New Loan: USDA Loan under SHIP program Total Deficiency forgiven less closing costs: $292,147 Total time to negotiate with Lender: 9 weeks 100% Deficiency forgiven, no promissory notes or cash out from sellerIf you or someone you know is looking at buying or selling distressed property…rely on the experts, The Distressed Property Experts of Team Baranowski! Call 850-259-1788 or email us for a free consultation.
Note: The information provided is for informational purposes. No legal advise is given or implied. Please check with a qualified attorney in your area
