Last April, just before the Tax Credit was about to expire, I listed a home for sale in Sagamore Hills. It was a lovely home and the owners had every hope it could be sold without a short sale. Unfortunately the market was continuing to slide downward and a short sale became the new reality.
We had the home under contract by June.
Once under contract, we started work on the short sale. The selling agent was short sale savvy, the seller was motivated and capable and the buyer was ready to "do what it takes" to get it closed. Sun Trust, not so much.
Sun Trust held both a first mortgage and a second / HELOC (Home Equity Line of Creidt) mortgage. The mortgages were held in different subsidiaries. Apparently the two entities don't communicate with each other.
I have done a lot of short sales and this one was really no different from the others. Identical documents had to be sent to Sun Trust(s) multiple times. The seller had to produce volumes of evidence as to the need for a short sale. The buyer had to be patient.
The end results were great.
- The seller was relieved of a financial burden (and with having to sign any notes or come up with cash out of pocket),
- the buyer got a great deal and
- both real estate agents made a commission. By the way, we earned those commissions. Daily phone calls to all parties involved is the norm in a short sale.
It is rewarding to be able to title this post: SUN TRUST Short Sale in Sagamore Hills CLOSED in 90 Days
Sally English and The English Team. Atlanta real estate agents.
Realty Associates of Atlanta LLC; 3350 Northlake Parkway Atlanta, Georgia 30345 |770-939-3174
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All content copyright © 2009-2012 by Sarah Bryant English DBA Sally English and The English Team, Atlanta Georgia. This sale offering is made subject to errors, ommissions, change of price, prior sale and withdrawal without notice. Potential purchasers should make a physical inspection to verify all features independently. EQUAL HOUSING OPPORTUNITY. Sally English is not an attorney or CPA and ALL legal or tax advice should be rendered by a professional. Sally English is an Atlanta real estate agent specializing in homes and neighborhoods convenient to Emory University and The CDC. Thanks for visiting my BLOG!
That is encouraging news! Congratulations on your quick close.
Thanks Mary. I hope this will be encouraging news to other home owners in Atlanta who are facing Sun Trust foreclosures. It is a trying time and so many are trying to persevere in difficult circumstances.
Sally