Back on May 31st 2009, I was contacted by a homeowner who needed to sell their home. Turns out we would need to sell it short.
That's when I decided to write the Reality Blog Series About The Short Sale with Two Loans.
Today is a good day! Both banks the 1st trust and the 2nd trust have agreed to release the seller from their obligation to pay the balance due. A Two Loan Short Sale Approved In 72 Days
I have received both Short Sale Approval Letters. One from Suntrust Bank and the other from Chevy Chase Bank( now Capitol One) and both agreed magically on the same day.
Today is a good day.
- I can call the sellers to tell them, the have been approved to sell by short sale.
- I will be alerting RGS Settlements in Lake Ridge Virginia to move forward with title work and we will soon be closing the books on this one.
- I will also be calling the Buyers Agent so he will be able to call the buyers who have patiently waited for both banks to approval the sellers for a short sale.
If you are worried about what to do and you are searching for answers email me
let me know what you need.
Have a super day!
Peggy James direct # 703-851-3085
Contact Peggy James or Erick Blackwelder of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's
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Note: This real estate blog is written by me Peggy James and it is is my opinion and may not reflect the opinion of Exit Choice Realty 14067 Crown Ct, Woodbridge Virginia 22193.
I have been blogging since 2008 and I am a full time REALTOR® .
Congratulations. SunTrust loves to ask for sellers for promissary notes. Hopefully you avoided this scenario.
Thanks Cindy!
Suntrusts position is they want 10% of the loan balance to approve a Short Sale request. In this case the seller did not have to pay that fee.
Chevy Chase was very easy to work with as well. Things moved really quickly once Capitol One took over!
I had the same combination that didn't work out. This was before the takeover. We had two different contracts (subsequent, not at the same time) on the property over a six month period of time. On both Chevy Chase (option ARM) sat on them and would not give an approval (or even a denial) until the buyers walked months later. Both had complete short sale packages and plenty of comps to support the contract price. A senseless foreclosure.
I'm glad to hear that it looks like the situation could be improving. Congratulations!
Stephanie,
How awful is that, not only for the Homeowners, but for the Buyers involved, the Buyers Agent, you the Listing Agent, the Title Company, and the Buyers Lender!The only people who come out make out on these situation is the banks. They are covered if the home forecloses beacsue they have insurance. How sad...
Stephanie I learn more and more each day by following http://livinglies.wordpress.com/2009/09/09/5394/ check it out.
Peggy--what an exciting post!!!! Thank you sooo much for alerting me to it. I regularly go to that blog but totally missed that one. I knew the insurance is playing a huge role in what we are seeing now, but have been trying to get my arms around it because everything is so "sneaky".