The Youngling Team Closes another Successful Virginia Short Sale with Bank of America
The Youngling Team just shortened their average short sale list-to-close time, saved the seller from the risk of having to pay taxes on her forgiven debt and helped her receive over $8K from Bank of America at closing!
- Washington, DC-MD-VA-WV (1888PressRelease) January 03, 2013 - The Youngling Team, a real estate professional team based out of Capitol Hill and Fairfax, has just closed another Virginia short sale. While this one had a couple of large snags along the way (along with a few minor) they were quick to find the solutions and move it along to closing.
The property, located in a very attractive Bristow community, had 15 offers and initially went under contract for over $40K more than list price. Unfortunately, 3 days before the scheduled settlement, the buyer was rejected by their lender. Not to worry, The Youngling Team had it under contract again the following day. As "luck" would have it, the second buyer failed to deliver as well to both parties' agents' astonishment! Again, not a problem - TYT had it under contract again one day later. "We were able to negotiate through the challenging time line with Bank of America, much thanks to cultivated connections within BoA, but more so due to the tenacity and persistence any short sale specialist need to have to see their clients' transactions through" says Monica Youngling, leader of the Youngling Team.
Despite the two major snags that caused a 79-day delay, the transaction was final before the new year and took a total of 114 days from submitting the first contract to Bank of America to close. "Not bad," Monica says, "given the fact that we had to start the process over with BoA each time. Sometimes I felt like I spoke to the bank representatives more than anyone else in my life, but as it turns out, it got the job done."
The cash the home seller received from Bank of America is called a HIN Incentive and although there are many short sale programs like it, the BoA one is in a category of its own. The calculation is based on sales price, but BoA doesn't share its formula. Furthermore, it is most likely to be received by a short seller if there is only one lender.
-CALL 202-213-9330 FOR SHORT SALE HELP NOW!-
To learn more, visit The Youngling Team website.
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