Learn how to get your Flagstar short sale approved in this Flagstar Short Sale Case Study.
Flagstar Short Sale Case Study:
Property Location: Seattle, WA - King County
1st Lender: Flagstar
Hardship: “I am a sole proprietor of a business, with longstanding relationships with a large percentage of my clients and traditionally add new clients to this list. Unfortunately, due to economic pressures, my sales have significantly dropped and I have not generated new clients. My client base simply is not purchasing, causing my revenue/income to be significantly reduced over the past year. With efforts to sustain my expenses, I have had to liquidate a large percentage of my retirement accounts and hese accounts are close to being at a zero balance.
“I have always intended to keep the house forever. I fully intended to make everything work. I planned to make regular payments to the bank and pass the property down to my Son. To my disappointment I am unable to sustain the costs of this home. I am reaching out for your help as I want to sell my house and get my accounts settled.”
1st Loan Balance: $413,000
Sale Price: $243,000
Approved Commissions: 5%
1st Loan Approved Net Proceeds: $220,000
Timeline:
March 27, 2010: Short sale package submitted by owner with purchase offer in place.
June 30, 2010: Flagstar requested seller’s financial statements and company profit and loss statements.
July 8, 2010: Flagstar assigned a new negotiator to the case. Seattle Short Sales attempted to contact with new negotiator
July 24, 2010: Seattle Short Sales still unable to contact new negotiator, requested help from former negotiator in making contact.
July 27, 2010: Former negotiator informed Seattle Short Sales that new company policy is not to assign a specific negotiator while file is in review.
August 10, 2010: Flagstar reassigns negotiator to case, request financial documents.
August 13, 2010: Seattle Short Sales provided Flagstar with all requested documents.
August 20, 2010: Short sale approval received.
Result:
Homeowner was approved to short sale a home that he could no longer afford, paying the bank $220,000 of the total $413,000 owing on the mortgage (for a loan discount of $193,000), and fully released of any future financial obligations to the bank.
To download a copy of the short sale approval letter, click here: http://seattleshortsales.com/LiteratureRetrieve.aspx?ID=68907
If you are a homeowner, and would like to learn more about short selling your home, please go to: http://seattleshortsales.com/homeowners/
If you are a real estate agent, and would like to learn about our no-fee short sale service, please go to: http://seattleshortsales.com/agents/
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