SHORT SALE SUCCESS: A TRUE STORY

A homeowner facing a huge increase in her mortgage payment.

Short sold a home in World Golf Village.

Never missed a mortgage payment.

Process took about 30 days.

Seller bought a new, more affordable home just 6 months later.

No tall tale here. This is a true story of how a well-executed short sale can have a happy ending. Della Myers, a Real Estate Agent herself, saw the writing on the wall. Her 2004 purchase of a World Golf Village home was at the height of the market. The lender assured her that she could simply refinance (buoyed by all the equity she would gain from the robust market) before her low monthly “teaser” rate adjusted dramatically higher.

But the market changed. Della tried to get out in front of things. She knew her rate adjustment was coming and she would not be able to afford it. She put her home on the market but to no avail. She lowered the price and re-listed it. Again no bites. She couldn’t refinance because her home’s value was plummeting and would eventually end up appraised for about 50% less than she paid. Della knew a Short Sale, when the lender/bank agrees to take less for the home than the original loan value in order to avoid foreclosure, was her only hope.

“That’s when I called my friend Dottie Lay,” said Della. Dottie Lay, a Davidson Realty Agent, has experience with short sales and is a Certified Distressed Property Expert (CDPE). Says Della, “Even though I’m an Agent myself, it’s very important to have someone else, an experienced pro, advocate for you with the bank.” Della had still not missed a payment on her mortgage. Dottie sprung into action. She found a buyer who was thrilled to get the World Golf Village home at such a great price. Thanks to Davidson Realty‘s in-house support, Dottie was able to work quickly, put together a bullet-proof package for the lender and close the deal in less than 30 days. Della never missed a payment on her home. “The relief of having the burden off my shoulders was immense,”explains Della.

Being proactive is the best predictor of a good outcome. Says Dottie, “Della was smart and she faced the problem head-on which helped her avoid serious financial implications.”Della added“The hardest thing is letting go of the disappointment that the property will never make you any money and that it will be a financial loss. Once you come to that realization, you’re better able to detach emotionally and move on quickly.”  Since the FHA removed a previously required one-year wait on any new loans after a short sale, Della was able to qualify for a new FHA loan on a more affordable property just six months later. Today Della is a happy homeowner, again.