Comments on: Short Sale Auction for my Previous Home

By: home services

home services — Mon, 16 Jan 2012 18:35:25 +0000

As a designer i just wanted to point out that you have a very nice website , I enjoy the style and design, it really and pops.

By: financial issues

financial issues — Tue, 01 Nov 2011 00:09:41 +0000

financial issues…

[...]Stankavich Saga » Blog Archive » Short Sale Auction for my Previous Home[...]…

By: Mike Stankavich

Mike Stankavich — Mon, 15 Mar 2010 13:32:40 +0000

Kelli, thanks for your comment. I’m sorry to hear that you are also in a difficult situation.

I did feel that I got my money’s worth from buying Richard Geller’s info product. He offers a nice overview and a fair amount of detail about how to get a short sale done.

I ended up one for two with the lenders. The first mortgage holder forgave the shortfall and reported the debt paid charged off. The second mortgage holder would not release liability for the unpaid remainder. There was about 88k left on that one. After careful consideration, I ended up filing Chapter 7. In the process, I stopped paying all credit cards and payments on the old house for several months, so my credit is pretty beat up right now. But I really don’t care – I’ve had it with credit. We have the new house, picked up a car and a van off of craigslist for about 3k cash each, and just plan to do without credit for the foreseeable future. It would be nice to refinance the new house while rates are low, but I’ll just have to live with it.

Bottom line, you just won’t know what your lender(s) will do until you get an offer and send it through. Every lender and every sale is a little bit different. If you’re certain that you can’t afford to stay in the house, and you have somewhere else to go, I’d definitely go for the short sale. Just get the best offer that you can within a reasonable amount of time and submit it to the lenders. Richard Geller’s book gives a lot of detail about putting together the short sale package. You can and should always ask the lender to forgive/write off the shortage and report you as neutral or favorable to the bureaus. No guarantee that they will do it, but they probably WON’T do it unless you ask.

I’m far from an expert on this, but I’ve learned a lot along the way. I’m glad to share what I’ve learned with others in the same situation. Best of luck getting it all sorted out.

By: kelli

kelli — Sun, 14 Mar 2010 00:56:47 +0000

Dear Mike,
I was wondering if you felt that Richard Geller’s information was worth purchasing to do my own short sale. My home was purchased in 2005 for 184 and we have had foreclosures in our townhome community to the tune of 105,000, so we are seriously underwater. Our zipcode is the hardest hit for foreclosures in the Atlanta area. I was also curious if after your short sale, you were able to get the lenders to put it as “unrated” on your credit reports and how much of a hit to your credit did you have to take? Also, were you able to negotiate debt forgiveness for the remainder of your loan. Since we are about 70000 or more underwater and do not see being able to break even for at least seven years, we cannot financially see staying here. Thanks for your story and any reply would be much appreciated.

Thanks.
Kelli in Decatur, Ga 30032

By: My Short Sale Finally Closed

My Short Sale Finally Closed — Mon, 13 Jul 2009 18:12:49 +0000

[...] I wrote about it on my family blog at The housing bubble hits home for the Stankavich family and Short Sale Auction for my Previous Home. Then I got an email from my real estate agent late last week. The buyer received a Notice of [...]

By: Mike Stankavich

Mike Stankavich — Thu, 21 May 2009 12:49:47 +0000

Mike, Diesel, thanks for the encouragement. We submitted an offer to the lenders a couple weeks ago. Hopefully we’ll find out whether they will approve before too much longer.

By: diesel

diesel — Thu, 21 May 2009 00:48:04 +0000

Good luck. Hopefully the market will start turning around.

By: Mike A

Mike A — Wed, 13 May 2009 12:25:14 +0000

Hope Everyting works out for you guys. Its tough times for so many right now, but you just have to hang in there and keep kicking at it, just they way you’re doing!
Good Luck,
We’ll need to get together soon….

mike a

By: Mike Stankavich

Mike Stankavich — Tue, 05 May 2009 01:14:42 +0000

Steve, thanks for dropping by. I’m glad to hear that you made the best of your situation.

We weren’t quite as aggressive on the promotion as you were, but we did have the property very clean and with all outstanding repair issues fixed. We didn’t get any strong bids the day of the auction, but it generated enough buzz to bring a very clean and appropriate offer which we have submitted for lender approval. Hopefully the approvals will come through without taking too terribly long.

By: Steve

Steve — Sat, 02 May 2009 13:41:43 +0000

Best of luck mate! I am a realtor in New Zealand and just sold my own home by short Auction! I auction most of my clients properties because you may get a premium price and if not you get market price. It is important to “pitch” your property correctly. In my case, I homestaged,decluttered and tidied my home to an extreme level cost me $2000.00. I also exposed my property extensively for a short time(18 days from start till sale) I put a 3 x full page adverts in local property pages and had a great advert on 3 websites with a “video” (moving pics), proffesional photos, flyers etc All cost a further $2000. I was not a distressed vendor/seller but I communicated that I was very serious about establishing the free market price – what ever that may be. Most importantly due to my experience (been doin this for 21 yrs) I invited all bids from $600 000 which is a real bargain price! Please note I would not have sold my home for less than $825 000. Due to all above factors we really attracted a lot of buyers – some hoping to pick up a bargain and others also hoping to pick up a bargain but then getting real and also some who had to own it no matter what. The thing is I invested $4000.00 plus was in for a $25 000 commission payment but my property seriously stood out – ie it was real easy for buyers to find it and when they came to view it, the home was impeccable(huge pain for us to maintain) and we gave the purchasers an expensive “flyer and info pack”. The highest price achieved in my street was $715 000 but most properties sell for mid $500 000. On auction day there were 19 registered bidders, 9 actually bid and we achieved a sale price of $842 000!The market is seriously slow in NZ at present. A great result, a lot of effort and a $4000 marketing investment. May the free market prevail! Steve. If you want to contact me go to http://www.barfoot.co.nz go to find a branch and find Howick Branch – I am the manager. I am not trying to solicit business but would be happy to chat/help for free if you want.Good luck and G-d Bless.