A Short Sale Success Story

Yesterday marked the end of my short sale journey with a family I had met over a year ago that was struggling financially when we closed the sale of the home they had owned for over 20 years. The fact that they allowed me to help was more about them wanting to do what was right for their situation and less about the fear I find with so many people I meet who are in over their heads financially.

It all started when I knocked on their door and told them their lender had sent me to offer assistance because they were getting behind on their mortgage payments. I’ve done it hundreds of times as a home retention consultant and this family unlike many who shut me out actually listened when I talked to them about alternatives to foreclosure that might work for them. No the first option was not a short sale as we originally started out working on a loan modification but they soon realized when the modification was approved they would not be able to keep up due to job loss and medical issues.

What this family realized was that even with a loan modification they would continue to struggle with making their mortgage payments and at the end of the day selling the home they had built was the best decision. I listed the home for sale while the market took a dive with values falling 50% over the course of my listing. During this time there were documents this family had to provide to their lender and the hardship letter they lived daily that they had to write so we could get short sale approval.

Yesterday when I spoke with the homeowner as they were removing the final boxes from the home that had once been filled with all things precious they said they felt relief because the weight had lifted and they could move on without the heavy burden. They like so many others would be moving in with family until they can get back on their feet and it is very likely that in a few years with new jobs and better health they will buy another home and because they avoided foreclosure with a short sale they certainly should be able to do just that.

During this process they told me the best thing the bank had done was send me to help as they were getting ready to give up before I knocked on their door. I didn’t expect to hear such praise from this family facing foreclosure and not knowing if an offer would come to make the short sale possible. Thankfully it did but the real thanks goes to this family because with all the difficulties and paperwork necessary to complete the short sale they never once complained and always provided everything requested and that is what it takes to have a short sale success story. Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc. Serving the Pee Dee and Grand Strand of South Carolina.

If you are struggling with making your mortgage payments and need help you can contact me at 843-902-7615 for information and resources available.