South Beach Miami Condo Short Sale- 727 14th Place- Park Vintage Condo SOLD and CLOSED.
Original Asking Price $169,777 in September 2010
Lowered price in increments until we got to $149,000 before we got an offer.
Buyer offered $124,500 in March 2011.
Buyer seeking financing, FHA loan from Wells Fargo.
During our short sale evaluation with the seller – we recommended the HAFA program because he met the requirements for HAFA short sale.
Chase serviced the loan. Chase is very slow on HAFA deals in South Florida.
Chase countered buyer’s offer at $144,000.
Buyer accepted the counter.
Then Wells Fargo ( the lender for the new buyer) did their appraisal.
Appraisal comes back at $117,000.
We go back to Chase with new appraisal. Chase will get less than this as an REO.
Chase lowers the price to $117,000.
There were issues with FHA and the Condo Association’s Hazard Insurance policies.
We had to go back to Chase for extensions to the closing. Issues are resolved.
Seller was approved for HAFA so he got $3000 and no deficiency. He was SO happy that he was getting the $3000 because he really did not believe that was going to happen after all the lies that were told to him by Chase during his loan modification process in 2010.
But the night before closing- the closer from Chase called us to tell us that they had $20,000 more than what they needed to net so we could give that $20,000 to our seller at closing!!!!
So our seller received $23,000! You should have heard him on the phone as we told him this awesome news!
Katerina Gasset is the author of http://www.wellingtonfloridashortsales.com. Katerina Gasset is the homeschool mother of 9 children and wife to Nestor Gasset. Katerina Gasset is also a writer, author, speaker, Realtor®, SEO coach, blogging coach and business entrepreneur and consultant.