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Kimberlee Frank's Blog

By Kimberlee Frank - Sell Fast Realty | Broker in Winter Springs, FL

Foreclosure mistakes by banks allowed these Sellers to win with a short sale


Have you heard that the Banks make foreclosure mistakes when they foreclose on Sellers?  Well, they do!  On Monday, September 19, 2011, Sell Fast Realty assisted Sellers who thought that the bank had taken their property to foreclosure and they didn’t own it any more by selling the property on a short sale.  Let me tell you what happened.

The Sellers had their property for sale with Sell Fast Realty for over a year during the time when 60 minutes announced all the Banks foreclosure mistakes.  We had a buyer and were working the short sale, however; the bank did not want to do the short sale and took it to foreclosure.  At least, that is what they thought.  After several months from the time of the foreclosure, the house was then listed with an REO (real estate owned) Agent to sell.  The REO Agent spent money to repair the property because the agreement with the bank is that the agent would receive payment back for all repairs done to the property when the property was sold.  As to how much the agent spent, I am not sure but I sure would have hated to be that agent.  A Selling Agent found the Buyer and made an offer to the Bank and they accepted.  The Buyer spent money on inspection and appraisal to get a mortgage and later found out from the title company that the Bank did not have clear title due to their foreclosure mistakes.  The foreclosure action was then rescinded which meant that the Sellers were still the legal owners.

My Sell Fast Realty Agent, Evelyn Good, was following the property as it was her listing and she immediately noticed that something seemed wrong.  She checked the court records and found out that the Bank who made a huge foreclosure mistake had rescinded the sale and immediately contacted me.  After reviewing the information, I informed Evelyn Good to go get the listing and let’s sell it fast as we always do.  She went back to the Sellers, immediately got the listing and we placed it on the market.  Within 2 weeks we had several buyers.  The Sellers signed a contract with the same buyer who was trying to buy it from the bank for less than what she was willing to pay before.

Minor repairs were needed in the property in order for the buyer to obtain FHA financing on a mortgage.  The buyer agreed that she would pay for all the repairs which totalled up to a $1,000 or less.  The buyer asked that the Sellers do the repairs, however, Sell Fast Realty does not have the Sellers do the repairs unless they have the money and these Sellers didn’t!  When it came time to have the utilities turned on, there was an outstanding water bill due to someone tampering with the water.  The Buyer paid the $240.00 in order to get the utilities turned on.  Again, the Sellers are in foreclosure and they have no money.

The closing was on Monday, September 19th after two short sale approvals extension due to the fact that the buyer’s new mortgage company couldn’t close on time.  The Sellers received no money on the property, as they did not qualify for the HAFA program which could have given them $3,000 because they vacated the property for over 1 year.  However, Kimberlee Frank of Sell Fast Realty did get them a full satisfaction on the loan from what the bank agreed to take as a short sale from what was owed on the property and the bank waived the deficiency judgment.  In spite of the bank’s foreclosure mistakes, it turned into a win-win!

Here is the testimonial from the seller: http://www.youtube.com/watch?v=d2yG5OZY6AE

If you are a Seller and your property has gone to foreclosure, I ask that you check the court records and see who owns it?  Did your Bank do the same thing to you and make a foreclosure mistake?  Did the Bank rescind the foreclosure sale?  If you need help to find out if you still own the property, feel free to contact www.SellFastRealty.com or call 407-888-3433.

Know all your options about Short Sale versus Foreclosure, go to www.FreeFactsAboutForeclosure.com and download your Free Special Report.  This report always discusses how you can Save your Home!

In conclusions, Banks foreclosure mistakes allow Sellers to have a fresh start. If it wasn’t for Evelyn Good’s knowledge, experience and kind heart, these Sellers would have never known until the bank started to sue them for what was owed on the property in the future.  They don’t have to worry whether the bank can come back after them on a deficiency judgment for 25 years.  As a Broker, this is the knowledge and experience that I teach all of my agents when working for Sell Fast Realty Our #1 Focus is YOU!

Kimberlee Frank – Licensed Real Estate Broker and Expert Negotiator

www.SellFastRealty.com

(407) 888-3433

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