It was a long process and SunTrust took a very long time to approve this Lakeland Florida short sale in the Village at Lake Highlands. In fact, it took SunTrust nine month to approve the short sale on the first mortgage and a HELO. The buyer stuck with it throughout this whole process, knowing that it was a great deal.
Home – 3 bedroom 2 bath townhouse in Lakeland Florida
1st Mortgage with SunTrust for $157,000 – Agreed to accept $84,300 including seller’s contribution.
HELO with SunTrust for $48,000 – Agreed to accept $3,790 with a promissory note of $16,592.00 to release the lien.
Seller contributed cash to closing of $1,277.00
The transaction took 309 days from contract to closing.
Seller is delighted – no foreclosure
Buyer is happy – saved $21,400 to a comparable home – same layout and size – sold the same month.
Foreclosure can be avoided through Short Sale! If you need to sell your home in Lakeland Florida as a short sale, hiring an experienced real estate agent who is knowledgeable on both sides of the transaction is basis for a successful closing.