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Monthly Archives: June 2011

Short Sale Done!

After six months, two banks, two realtors, and two private investors, the short sale has finally closed!

Here’s how it panned out:

Value: $85,000
Final price: $45,000
Repairs: $10,000
Total Investment: $55,000
Total Equity: $30,000

Now on to the next project!

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Posted by on June 28, 2011 in Uncategorized

 

The Verdict Is Finally In

Update: The bank accepted my counteroffer!!! I must say I’m a bit surprised they went for it but given the current foreclosure climate, it makes sense to just take a loss and move on than to keep dragging it out. I have until July 7th to close.

I’m funding this deal using an equity loan on another property. This loan process has been more stressful for me than the short sale if you can believe it. It’s been three months since I started the process and up until this morning I was still unsure if and when the loan would actually close.

Long story short, I had the worst loan specialist working on my file. She would never answer or return calls. She would only respond to emails when she felt like it. Early on I lost my patience with her and reported her to her boss. He promised to personally oversee the processing of my loan and would make sure to expedite it. Needless to say, he didn’t.

After hearing that the bank accepted my counteroffer, I called the bank to get a final answer from someone as to the status. Turns out that both my original loan specialist and her boss have since left the company, even though I had just received an email from her last week.

I have a new loan specialist who apologized and assured me that we should be able to close before the end of the month. Yay!

 
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Posted by on June 5, 2011 in Vassar