Good day, I’m Matt Fetick with, your Philadelphia leading short sale specialist. I’ve acquired a very interesting short sale I want to share with you. The home was put available on the market because of a divorce situation. After the owners moved out and we had the home under contract, we found out that the house had major stucco issues. The stucco had failed; water had gotten behind the stucco and had started creating mold issues. It wasn’t visible from the inside, so had the client not accomplished a stucco inspection, I do not assume we would have found out.

Here’s the story; it is a premium residence or very costly house where the balance on the mortgage was close to $700,000. After getting estimates and looking at the situation and present market value, we figured out that the market value of the house, not including the stucco issues, was down below $400,000. This neighborhood had taken an enormous hit. Now you add in the stucco issues, and the quotes we received for the stucco repair were anyplace from $one hundred,000 to $one hundred twenty five,000. The estimates included pulling off all of the stucco, remediating the mold and placing new siding up. So we got an offer from a buyer who was willing to take all that on. We worked with Wells Fargo on this issue. Wells actually understood what was going on. Of course in a short sale the lenders don’t own the house so they are not going to spend money on repairs on a home that they don’t own. Nonetheless they have been very cautious in considering the situation. They in the end agreed to accept about $400,000 less on the house than what was owed on it because of the stucco challenge, the repairs that needed to be made and the legit divorce hardship. They also waived a hundred% of the deficiency balance for the sellers. Which means the sellers had been capable of move on with no responsibility for the unpaid balance and the new homebuyers bought the home at the right price permitting them sufficient room to make the stucco repairs. It was a win-win for everyone. That kept the neighborhood from having a home go to foreclosure and that helped defend the values of the other homes.

It got the house repaired, and it got Wells Fargo out from underneath a home that they might not have wanted to own in foreclosure and need to make repairs on. It was a very good ending to a not so nice situation. I wanted to let you recognize that if Wells Fargo is your mortgage company, and also you suppose you should do a short sale, call us today. We now have had really good success in explaining situations and moving the short sale through a logical conclusion. So if you need to know more about short sales with Wells Fargo, home mortgage or anything else, please call us today. Again, I am Matt Fetick with, one among Philadelphia’s leading short sale specialists and we’re right here to help answer any questions you may have. Thanks and have an awesome day.

For more information on short sales and how to avoid foreclosure, visit the Sold By Short Sale blog or you can also contact the Matt Fetick team and get started today.