Southwest Florida Title Insurance & Real Estate Blog -

GMAC Mortgage uses Equator System to close Cape Coral Short Sale (photo courtesy of cliff1066)

The battle is won!

Victory with the Equator System Strategy!

GMAC is doing an awesome job implementing the Equator System into their process. This is helping us at Winged Foot Title achieve speedy approvals.

Check this out:

The original loan amount of the Cape Coral Short Sale was $150,000. Utilizing the Equator System, GMAC granted an approval of $67,886.98. This was approximately 45.3% of the original loan amount.

The purchase price was $75,000! Therefore, the approval was 90% of the purchase price!

The realtor commissions were also approved at 6%.

This particular Cape Coral Short Sale approval highlights the importance of having a ready and able buyer. We had 3 approvals prior, all of which expired because of lost or expired commitments. Stay tuned to my blog as I will be discussing the need for buyer readiness in my upcoming posts.

If you need advice on a short sale or more information on how the Equator System works, please contact us, or call us at (239) 985-4142. We service all of Southwest Florida including: Fort Myers, Estero, Bonita Springs, Naples, Cape Coral, Lehigh Acres, Pine Island, Punta Gorda and Port Charlotte.

-Chris

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NOT LEGAL ADVICE: This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Every effort has been made to assure that this information is up-to-date as of the date of publication. It is not intended to be a full and exhaustive explanation of the law in any area. This information is not intended as legal advice and may not be used as legal advice. It should not be used to replace the advice of your own legal counsel.

Winged Foot Tite, LLC is not associated with the government, and our [short sale orchestration] service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.