Ms. Johnson is one happy lady today. The weight is off her shoulders.
I met Ms. Johnson in mid July of 2009. She came to me with a problem. This home that had been in her family for over 85 years had just became too much for her to take care of any longer. The box gutters and soffits had serious damage due to wood rot. To the extent that she couldn't live in the home any longer. She had moved out over a year ago but still had the mortgage looming down over her. She hadn't been able to make a payment for almost 24 months and was facing foreclosure.
I was able to step in, list her home considering all the work the home needed priced it at $45,000.00 and sold it within 10 days for full price.
The big mistake I made was to let another agent insist on their buyer using the FHA 203K loan. That is an FHA loan the allows the buyer to purchase a distressed property, borrowing the initial financing for the home and the additional funds for the rehab. The limits on an FHA 203K loan is $30,000 above the cost of the home. The paperwork is intense and the risk is very high do to government rules and regulations and the constant changes in todays unsettled market.
It was quite the venture for Mary Jo, Me and LRA, LLC who does all the negotiations for me with the banks. However we stayed with it holding on to the faith that this was the right thing to do.
Everyone hung in there and finally at 3:00 PM yesterday we were at the closing table and everyone left happy. It took exactly two and a half months to negotiate the short sale with this lender.
Yet another notch in my record for saving someone from the horrors of foreclosure.
God Bless You and pray for all of our troops to come home safe and for our Country leaders to make the right choices to help us get through this turmoil.
Did you know I have my license in both states, Ohio & Kentucky?...So Please call me if you need help around the house or maybe to buy a new home. I will gladly say THANK YOU! Gary Rossignol, the Realtor with integrity. 513-777-2402 email Gary@GaryRossignol.com.
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