Do luxury short sales work? Yes indeed! As an example, it was my honor and privilege to recently help my client through a very complicated distressed property situation to successfully sell this gorgeous home, with multiple offers, and debt forgiveness.
We closed successfully during our early and awkward COVID shutdown in April of 2020. What really matters is how my client feels afterwards:
“Susanna is one in a million in her field! In addition to her knowledge, her professionalism and ethics are of the highest caliber. I have been a real estate developer for over 35 years and found my self in a short sale situation. I have never been in this situation before but Susanna was able to get the lender to forgive a part of this loan. She is cool, calm, confident and very thorough. I would highly recommend her for any real estate transaction.” – R.K, Seller
Another luxury client with a complicated, challenging situation described me as a classy, demure lady who under the surface is a pit bull 🤩. When I make a commitment to my clients, I follow through and indeed hold on to their goal for success like a pit bull with a bone!
Connecting with the right legal advise, networking for maximum exposure, tailoring the marketing and sale process to fit my client’s needs and goals is what creates success.
Why do luxury short sales fail?
Sadly, I’ve seen too many luxury home owners not get the right advice. No one should face foreclosure, no matter what their situation.
I’ve helped luxury home owners with multiple properties, significant assets and who are not behind on their mortgage successfully resolve under water market values with a short sale and debt forgiveness.
Without the right help, both the home owner and the lien holder suffer. For instance this recent foreclosure in Villanova at 1425 Mount Pleasant Road shows how the bank yielded a much lower amount after taking possession through foreclosure and selling as an REO than they would have with a short sale. Both seller and bank lose in this scenario.
While the final purchase price of this property as an REO listing of $1.3M may seem positive for the buyer, there are more risks with buying a bank owned foreclosure than a short sale.
During a short sale the owner remains involved, is obligated to give a complete sellers disclosure and maintain the property.
The time it takes to legally foreclose, clear title and then offer it as an REO bank-owned listing can be from many months to a year. During that time the home deteriorates and is at risk of vandalism.
For more insights on how short sales work, and whether it’s better to buy a foreclosure vs a short sale, be sure to subscribe to this blog. Check out Top 10 Short Sales Myths for more info, then be sure to book a confidential consultation with Susanna Kunkel, Short Sale Expert.