Short Sale Home Details: 

•    Client Profile: Kathy and Joshua G. of Harlingen, TX

•    Location: Just outside of Harlingen Texas a mid-sized city in The Rio Grande Valley Texas

•    Property Type & Price: Single Family Residence – Current Market Value $279,000.

•    Duration: 73 Days Listing to Closing.

•    Real Estate Broker Name: Azua Real Estate powered by eXp Realty Global Investor Agent Group

•    Mortgage Details: Mortgage payoff amount $336,560.00 including late fees and penalties.

•    Special Features: Less than 3 and a half years old.  Excellent Condition with no repairs needed.

•    Short Sale Negotiation Highlights: Azua Real Estate contacted the lender on behalf of Kathy and Joshua and explained their clients’ situation and why a Short Sale should be considered to mitigate the losses for all the parties.  The lender agreed to the short sale and just as important, to release the seller from any future liabilities. Improper negotiations with lenders and other lien holders could have resulted in a deficiency judgment against our client.  A buyer was found in less than one week.   

How does Azua Real Estate Complete Short Sales?

We stand out with our in-depth local knowledge, vast network of professional service providers, retail and institutional buyers, and a dedicated nationwide Brokerage and Team that ensures every property gets the spotlight it deserves. Our personalized approach means every client gets a tailored strategy, maximizing the chances of a swift sale.

Challenges Faced by Clients During the Short Sale Process:

The seller had fallen behind on their payments because of a job loss of one of the borrowers and had tried to find suitable employment in the area but just could not.  They reached a painful decision to move in with family in Houston Texas over 300 miles away.  They had walked away from their home and braced for what was about to happen; Foreclosure. At some point, the lender had started a foreclosure suit against them and they did not think anyone could help them.  After talking to many other broker/agents, they came across Azua Real Estate and we explained the ramifications of having a foreclosure on their credit records and explained how a short sale might be a viable solution for them now and in the future.

The sellers owed their lender more than the house was worth on the open market and trying to market the property for more than it was worth based on current sold comparables, would not have been in their best interest and more importantly would not have received any offers.  Our client knew and accepted that their current situation dictated that there would be no proceeds from the short sale to them but what was most important was that their credit would not bear the damage done by a foreclosure, the only other alternative in their situation.

How Azua Real Estate Addressed the Client Concerns:

We educated Kathy and Joshua on the short sale process, gathered all documentation they would be required, and began communications with the lender to expedite the process.  Short Sales must be presented and executed in accordance to the lender’s specifications and expectations and not doing things precisely their way will result the lender denying the short sale. This puts everyone in the “worst case” scenario where all the parties involved lose much more than they must.  Working with an experienced broker/agent like Azua Real Estate will avoid this.

Summary of a Short Sale in Harlingen, TX:

We orchestrated a successful short sale on the property and mitigated the losses for all the parties involved. Below you will see how each affected party benefited from this short sale.

Sellers:

·       Got out from a stressful financial situation

·       Did not have excessive long-term damage to their credit and would rebuild it faster

·       Did not receive a deficiency judgement against them

Lenders:

·       Did not have to go through the long expensive process of foreclosure

·       Would not have to evict the sellers after foreclosing

·       Did not have to deal with a property that they would be responsible for upkeep and repairs

·       Was able to remove that bad debt from their books

New Buyers:

·       Got a good deal on the home

·       Did not have to make any repairs

·       Got “good and marketable” Title on their new home in Harlingen Texas

If you or someone you know are in a similar situation that requires a short sale, please make sure you work with a knowledgeable broker who has experience with short sales.  If you have questions about how short sales work feel free to contact us.