I received another short sale approval last week from GMAC Mortgage!  GMAC has proven time and again to be the easiest lender to work with when it comes to short sales.  This particular deal took only 60 days to get from offer to closing date.  That is absolutely the shortest time line you can hope to have if your are working a short sale.  This is something that is very important to consider if you are thinking of buying a short sale.  As a buyer you should ask your agent to inquire with the seller or listing agent who the bank is that will have to approve the short sale.  Ask if the listing agent has any experience dealing with that particular bank and what the expected timeline is from start to finish.  Also, make sure to ask if the listing agent has a short sale desigantion such as a CDPE and if they employ a negotiator to handle communication with the bank.  Having a designation greatly improves the success rate a listing agent has with short sales.

This particular property is in the Fox Park Neighborhood in South St. Louis.  We were able to negotiate a payoff that was roughly 1/3 of the balance of the mortgage with GMAC.   The payoff was based on the condition of the house and the comparable sales.  GMAC’s negotiator quickly ordered a BPO and made a counter offer to our origiinal offer.  This is common with GMAC, however they are very reasonable in their negotiations.  GMAC’s negotiator quickly agreed to our highest and best offer and it was sent to the mortgage insurance company for final approval.  Mortgage insurance companies are known for being fickle with short sales.  They ordered a 2nd BPO to verify that the value was acceptable and after a little over a week they gave their approval as well.

Ultimately, the sellers have to pay nothing at closing and we were able to sell the house as-is.  GMAC agreed to pay all the commissions to the agents involved in the transaction, and their loan will be considered paid in full at closing.  GMAC makes the process easy on us as agents and the same ngotiator handles most files in St. Louis and I now have a rapport with him after closing several transactions together recently.

If you or someone you know owes more than your home is worth and want to sell please contact me as soon as possible.  If you live outside of the St. Louis area I would be happy to refer you to an expert that works in your area that is able to achieve the same kind of success that we have had with this transaction.  I specialize in working with GMAC and other major lenders such as Bank of America, Wells Fargo, US Bank, Chase (JP Morgan), BB&T, and others.  No matter who you’re lender may be they would rather work out a short sale than foreclose on your home.

Short sale information packages are available upon request