Willoughby Station, Mt. Juliet Hosts Summer Swim Meets
One of the highlights of summer in Mt. Juliet are the swim meets held at Willoughby Station. Willoughby has 2 pools and the kids are famously good swimmers.
On this day the kids from Willoughby won.
If you’re thinking about Mt. Juliet Neighborhoods, be sure to consider Willoughby Station, it has a lot to offer.
If you’re Mt. Juliet Home Buyers, you can’t go wrong with Willoughby.
Mt.Juliet Short Sale Sold! Here’s how we did it.
When the owner of this home on 5 acres came to us we knew right away that we would need to use a short sale to get him out from under the horrendous mortgage payments and salvage his credit.
The owner had bought the home for just $180,000 two year before. But the over zealous lenders kept coming back to him and telling him the property value was escalating. They led him to believe he couldn’t go wrong re-financing the home and taking out money from his “equity”.
Within a year he owed over $260,000 for the property. Ten the re-finance option stopped. he was informed by a Mortgage company that the property would bring less than $230,000 in the 2009 Market.
Worse yet, the homeowners business was failing because of the struggling economy, he could not make the large monthly payments. With his business failing he could not qualify for Government Mortgage Reduction either.
That’s where we took over the situation.
We immediately contacted his Mortgage company and let them know the situation. We helped the homeowner write hardship letters explaining his predicament. We applied for a Short Sale package from his lender and helped him gather all the required paperwork. Then we made sure that each piece of paperwork was received by the mortgage holder and verified that.
We had the homeowner sign paperwork authorizing us as his representative to the mortgage company. That way we could call them anytime and keep the process moving.
We listed the home for sale at a price close to last appraisal value of $230,000. We let everyone know we were Short Selling the property and would consider ALL offers for the Bank. We also committed to would be buyers that we would only forward one bid to the bank. Others could bid if they wanted, but we would only send them in if the Bank turned down our best bid.
We negotiated a bid from a buyer and with the homeowners signature sent it to the mortgage company.
Once the bank gave us the name of their negotiator we made ourselves available to him day and night, weekends too. I carried the file with 24/7 and was always ready to answer any questions.
Next we helped the bank get a Brokers Opinion on the property from an independent, registered Broker. He concurred with our estimate of the properties real worth and the property was moved to a second tier negotiator.
From then on we provided the mortgage company with accurate numbers of exactly how much of the offer price they would receive. The final price was $215,000. The property was closed in the last week of June 2010.
the new homeowner got a great deal on a wonderful 5 acre property. The home seller came away with nothing but at least he was relieved of the burden of the mortgage and can now restart his career and put his life back together.
The mortgage company learned a lesson too.
We were happy to help another neighbor get through this ordeal
If you or someone you know is underwater with a house note they can’t possibly pay, don’t let them slip into foreclosure. Short selling can mean the difference between a short setback and years of bad credit. Give us a call at 615-347-4424. We’re confidential and we’re here to help.
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