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I recently did a short sale involving CitiMortgage second mortgage. This one took longer than other CitiMortgage second mortgage short sales. It took about 4 months. Nevertheless here's how the short sale demand letter looks like.
Simon Hahn - Keller Williams Realty
Virginia, Maryland, Washington DC short sale specialist
703-662-1466
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Our group recently did a Wells Fargo short sale in Richmond, VA in partnership with another Richmond agent. The seller at the time couldn't find a reliable short sale agent with sufficient experience in Richmond. Although I don't try to do short sale below Stafford County, I was compelled to take this case.
The short sale involved two loans both with Wells Fargo. This home just settled last week. If you live in Richmond and you are considering a short sale, contact me for a private, free consultation. I'll refer you to a solid agent who can help you properly. Everybody is claiming to be a short sale expert but most agents haven't close more than few short sales. In my opinion, you have to close about dozen short sales to get a real good understanding.
Here's the short sale demand/approval letter for the first trust. I'll try to post a second lien approval soon. The copy I have is very hard to see.
Simon Hahn - Keller Williams Realty
Virginia, Maryland, Washington DC short sale specialist
703-662-1466
Time to time I'll provide some helpful reports regarding short sales. Contrary to what you may have heard, lenders actually want to avoid foreclosure wherever possible. That’s why they’re accepting more short sale and deed-in-lieu transactions everyday in an effort to eliminate unnecessary foreclosures. This is great news for homeowners facing financial distress.
To help you understand more about these two options, here's a free report.
Download Short-Sale-and-Deed-In-Lieu-Report.
Simon Hahn - Keller Williams Realty
Virginia, Maryland, Washington DC short sale specialist
703-662-1466
How's the short sale experience with Suntrust? Lately it has been taking much longer to get approval compared to last year.
Earlier in the year, SunTrust gave time frame for their approval. Here's my old blog post about it. Basically 2 month is all it took but starting May SunTrust stopped giving time frame. I knew it'll take much longer when they stopped giving time frame. This contract was submitted to bank late June and we got the approval in mid-January. So basically it took 6.5 month for approval. This seem to be the norm when I talk with other agents working on SunTrust short sales.
Here's the Suntrust short sale demand/approval letter.
Simon Hahn - Keller Williams Realty
Virginia, Maryland, Washington DC short sale specialist
703-662-1466
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Simon Hahn Group of Keller Williams Realty is listing a Capital One short sale in Fredericksburg, VA (Stafford County).
Address:
11217 SPRINGFIELD DR
FREDERICKSBURG, VA 22408
List Price: $225,000
Bank:
Capital One
Listing Agent:
Listing agent has been doing short sales since 2007. Listing agent is CDPE (Certified Distressed Property Expert) who specializes in short sales.
Simon Hahn - Keller Williams Realty
Virginia, Maryland, Washington DC short sale specialist
If you are considering a short sale in Fredericksburg or any part of VA, MD or DC, please call us. We are your Fredericksburg short sales specialist.
703-662-1466
Here's a recent EMC short sale that closed. Here's the details and the short sale approval/demand letter. I have found EMC Mortgage to be one of the easiest banks to work with. EMC Mortgage is a wholly owned JP Morgan Chase & Co and I remember correctly they want to exit the mortgage business. If you have any questions concerning EMC Mortgage short sale or any other short sales, don't hesitate to contact me for free, private consultation. My direct number is 703-662-1466.
Time frame: 2 months
Hardship: Job Loss
Here's the EMC Mortgage short sale approval / demand letter.
Simon Hahn - Keller Williams Realty Virginia, Maryland, Washington DC short sale specialist 703-662-1466
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Here's a very recent Wells Fargo short sale that closed. If you look at the letters, they are clean. Even for the second lien, it states that the debt will be forgiven even for the second loan. This took little longer than other Wells Fargo short sales. To date, I have done over dozen Wells Fargo short sales and they typically take 2 to 2.5 months. Some approved short sales take a month or so. There was some issue with second wanting more in payoff and that delayed the process a bit. Anyways, here's the details and the short sale approval/demand letters.
Approval Time Line:
-Wells Fargo First Trust: 3.5 months
-Wells Fargo Second Trust: 4 months
Hardship: Job Transfer
Here's the Wells Fargo first trust approval letter. Click on image for PDF file.
Here's the Wells Fargo short sale approval / demand letter for the second/junior lien.
If you have any questions concerning Wells Fargo short sales (or any other short sales), please do not hesitate to call for a free, private consultation. I have done over dozen Wells Fargo short sales with no issues so far.
Simon Hahn - Keller Williams Realty
Virginia, Maryland, Washington DC short sale specialist
703-662-1466
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Here's a brief summary of a M&T Bank short sale. There was an issue with appraisal coming in too low and home inspection issues which delayed the process. Nevertheless the settled and here's the M&T Bank short sale demand letter.
Hardship: Loss of job
Time Frame: 2.5 to 3 months
Here's the short sale demand/approval letter. It's clean letter. If you have mortgage with M&T Bank and you need to do a short sale, call for a private free consultation. Direct number is 703-662-1466.
Virginia, Maryland, Washington DC short sale specialist
703-662-1466
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Address:
16068 DANCING LEAF PL
DUMFRIES, VA 22025
List Price: $359,900
Bank:
Bank of America
Listing Agent:
Listing agent has been doing short sales since 2007. Listing agent is CDPE (Certified Distressed Property Expert) who specializes in short sales.
Download Instructions and Download Disclosure.
Simon Hahn - Keller Williams Realty
Virginia, Maryland, Washington DC short sale specialist
703-662-1466
Last week I received an approval for a Flagstar Bank short sale. I was representing a buyer for this transaction. I hope this letter helps to understand how Flagstar Bank does their short sale.
Time Frame: 5.5 months. I didn't realize that it took this long mainly because I had continual updates. Honestly, I though the bank could of done in 3 months max but they kept wanting more money and wanted to change the terms.
Here's the demand/approval letter.
If you have Flagstar Bank and you are considering a short sale, contract me for a private consultation.
Simon Hahn - Keller Williams Realty
Virginia, Maryland, Washington DC short sale specialist
703-662-1466
