Happy Valley OR Short Sale Case Study #4- $245,055 Loss!!
HAPPY VALLEY SHORT SALE CASE STUDY
Location: Rental Property in Happy Valley Oregon
Total owed: $612,000
-1st Mortgage Owed: $489,600
-2nd Mortgage Owed: $122,400
Owner had the property had burned through 2 agents before contacting Coastal Mitigation Partners.
Our initial offer came in from an investor partner of ours at $300,000.
We brought this client to one of our preferred realtor partners gift wrapped just in time for Christmas 2008. They listed property mid January 2009 and found a buyer at the end of February 2009. It took us 30 days to get reassigned to another mitigator. We learned that this lender has to close the old file before the new buyer offer comes in, then a new case is started. Another Broker Price Opinion (BPO) had to be ordered to check falling value. Happy Valley seems to be a foreclosure death trap these days.
We basically had a pre short sale approval at $380,000 from a previous investor offer that bailed.
He made a low offer of $300,000 and countered at $360,000. Bank asked for $380,000. We told our realtors to go find a new buyer. They found one at $395,000.
The greatest thing about this short sale transaction was dealing with one lender, 2 liens. Believe Me, the bank was glad to get this one off their books too!!
Here are the final Short Sale Numbers:
Sales price $395,000 Total Discounted Amount $245,055 (OUCH!)
Commissions earned was $19,750, Realtor involvement time was 3 months. File Closed 5-21-2009.
Seller concessions covered our Fee that was charged to the end buyer, bank approved! Very Excited Buyers also!!!
If you are a seller in the Happy Valley area, feel free to contact us so we can help you too! We would love to make your story the next successful case study! Ask for J.B.
503 265 9553
Tagged as Happy Valley, Short Sales, Broker Price Opinion, BPO, foreclosure
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