Unlike many Americans these days, who are unbelievably irresponsible, this family actually took measure to avoid foreclosure. They sought out their mortgage company and attempted a loan modification. However, the bank turned them down. Now this one act alone is a lot more than the typical couple would have done, but they didn’t stop there. They consulted with their real estate agent (Jen Wehner), and came up with a short sale plan to sell their home quickly. Take a look at the result:
We priced the Phoenix property below market value, though still at a value that fell within the range of recently sold homes in the neighborhood. We received 3 offers over the weekend, and submitted a full short sale package with the accepted offer. HSBC, which was the bank servicing this mortgage, acted quickly and approved the short sale within 2 weeks. They also included $2500 relocation assistance to help the seller move which was very beneficial.
If you would like, you can read up on the rest of this short sale success story.
News like this is great to hear. The family that was in financial trouble was able to get out of that trouble with some cash to relocate, the buyer got a good deal on the house, the agent made a commission, and the bank avoided foreclosure, which, as you might already know, is an ugly, and often painstaking process. It was a win-win all the way around.