Real Life Short Sale Case Study:

Actual case study of a short sale

where I helped a homeowner
avoid foreclosure…
The property was located at 2639 Riverside Drive
#1202 in Pompano Beach. It was a great ocean view
unit (as you can see from the picture to the right) and
needed a little tlc inside. The homeowner contacted me
about possibly doing a short sale because since they
lived out of state and were unable to carry the property
any longer. This particular client was several months
behind on their mortgage and this is how the numbers
looked:

Loan amount owed (1 bank): $502,000

Current Market Value: $210,000
Repairs needed: $20,000-$25,000

Dealing with the bank… Read more about Short sales and other
options to avoid foreclosure on my website:
After several weeks of marketing the property we had
several offers and the seller accepted a cash offer of
www.DustinRM.com
approx. $200,000. The bank then ordered their BPO
(similar to an appraisal) which came in around
$240,000. After taking in to account the repairs the Want to understand a little more about
lender agreed to allow the transaction to move forward.
short sales? Read an article I wrote that
The buyers did inspections, applied for the condo answers the question: What is a short sale?
approval, while I made sure things were going
smoothly and as planned. At the end of the process the
results were as follows:
Hear what some of my past clients had to
Homeowner: They were able to sell the property for
say about working with me here:
about 40 cents on the dollar compared to their loan
amount. The bank agreed to accept the short sale and Testimonials
waive any right to come after them for the balance.
They were “off the hook” for the debt as far as the bank
was concerned, and were extremely happy about that. Search Properties in Broward county
Buyers: The buyers got a great deal on a property that including foreclosures, short sales, and
they wanted. It was the perfect location and property estate sales here: Property Search
for them and got a good deal on the price since the
repairs were less than originally expected.
(continued…see next page)
The Bank: The bank that approved the short sale got the bad debt off their books, and avoided losing more money if
the property would’ve foreclosed.

All in all it was a win-win-win situation. This was just one of the clients that have a story like this and there are many
others. Not all lenders work short sales the same way and some are definitely better than others, but most will prefer a
short sale vs. a foreclosure any day of the week!

What this can mean for you…

If you are reading this and you can fog a mirror than chances are you may be having a tough time paying your
mortgage these days or someone you know is! Whatever the case may be, the take away from this case study is that
banks are willing to work with homeowners today. I can’t guarantee that the laws and climate will remain that way
forever so if you, or someone you know, need the help then the time to try and get it is NOW!

Laws are already changing for 2012 that will seriously affect homeowners for the worse! The Mortgage Debt
Forgiveness Relief Act passed in 2007 to protect homeowners expires in 2012. This can mean that even after doing a
short sale you might still have a huge tax bill if you complete a short sale after that point in time! The same short sale
with the same bank and the same numbers can have drastically different consequences if not dealt with before the
expiration of this law! You must understand this!

I realize that there is a lot of bad information out there and I know it’s hard to know who you can trust with something as
important to your family as your home. Like I said, if you or someone you know, is struggling right now please get the
best advice you can. Speak to tax and legal professionals and also an experienced short sale specialist like myself. It’s
free (talking to me is at least  ) and it’s worth it in the long run.

Don’t wait another minute!

I’M HERE TO SERVE YOU!

CALL ME TODAY!