Recent Back to Back Short Sale

I thought I'd share information on a recent back to back short sale I managed.  The lender was Bank United.  This was a condominium in a large Midwest city.  The homeowner owed $269,000 and was $14,000 behind on his taxes.  The property had been listed since August, 2009, with no activity.  When I became involved in the process, the file had been removed from an attorney who had supposedly been negotiating it for four months.   Nothing had been done on it.  The file was turned over to Crosswind Properties for negotiation the end of November, with James Ward, the managing partner handling it directly.  The first week of February, the lender was changed to Specialized Loan Servicing, and we had to submit a “new” file.  With the expert negotiation of Crosswind Properties, we were able to get an approval letter for $80,000.  We had a buyer ready to go, and we purchased the property and resold it for $117,000 in a back to back closing early April.  The homeowner walked away with a full release, and no deficiency!  He was very happy.  The new buyer was happy with their purchase, and very pleased with the price they paid.   The realtors involved made $7020 and we profited $26,620.   The lender was able to get a distressed property off their books.  It was a win-win for everyone involved.  We used the professional services of Crosswind Properties for negotiation and Investment Funding Alternatives for the funding.  Once we had all the right players in place, it was a smooth process.  I believe it is very important to assemble a strong team which includes the investor or investment group, negotiator, real estate agent, title company and transactional lender.  With up to date, knowledgeable professionals on your team, who are committed to conducting business in a professional, ethical manner, you can be very successful, as well as have the pleasure of helping a distressed homeowner out of a bad situation.