When the going gets tough the tough get it closed in 40 days!
Sometimes it may feel as though your short sale transaction is a life or death situation. Well, that’s how we were literally feeling in this particular Fifth Third Bank Short Sale. No pressure, right?
A very special senior citizen couple were dealing with their failing health on top of their short sale nightmare. Their need to move to a dependent living facility created the urgency and determination for this Fort Myers title company to excel at a rapid pace. Can you only imagine?
The Fifth Third Bank Short Sale approval only took 40 days from complete package submission! This included the time in which the file was reviewed for the Home Affordable Foreclosure Alternative Program…unfortunately, it did not qualify.
However, let’s focus on the positives – there are too many to ignore!
The final approved net to lender was $98,595.22! This was roughly 69.6% of the original loan amount of $141,650.
The realtor commissions were approved at 6% of the approved purchase price of $110,000.
We were all quite pleased with the fast results of the approval, however, the approval letter did not address Fifth Third Bank’s intent in regards to the deficiency rights. It is unclear if the couple will have any future liability for the deficiency amount.
Are you working on a Fifth Third Bank Short Sale that you would like to close? Contact us or call us at (239) 985-4142. We are a Fort Myers title company that services all of Southwest Florida including: Estero, Bonita Springs, Naples, Cape Coral, Lehigh Acres, Pine Island, Punta Gorda and Port Charlotte.
-Chris
