Short Sale Negotiation was more complicated than the marketing of the property. This seller was not only behind on mortgage payments but also on HOA fees. In addition, there was a Federal Income Tax lien.
“We negotiated with buyer to pay the delinquent HOA fees, but we needed to make sure that they were ready to go through with this transaction, feel like they are still getting a great deal, while getting short sale approval from lenders” said Mark Kunce.
The Negotiation with lenders took longer because investors were involved in these loans and in order to remove the IRS Federal Tax Lien.
“We knew the lender was getting very close to fair market value from the sale, so we ask them to pay off tax lien of $19,000. They asked us to do Broker Price Opinion, which was no problem for us because our team does these all the time. 3 weeks later we got the approval.”
IRS liens are generally not approvable by lender’s guidelines. But the key was Mark was able to confirm the investor was “netting” enough money to approve the sale.
“It takes more than an agent to properly work short sales. It takes a team,” said Mark Kunce. “We have surrounded ourselves with talent from our administrative staff and Listing Managers to our processors and escrow. We want a lot of eyes on the transaction so it keeps moving down the timeline. Our short sale team is skilled, experienced, determined, and driven. They get the deal done!”
A SHORT SALE is an alternative to Foreclosure. When a borrower is underwater in their mortgage and cannot continue making payments, they are faced with many decisions. Homeowners can request a Mark to consult with them about their needs.