From Short Sale to Sold in less than 4 months
Posted by Ricki Lynn Miller | Visited 92 times, 1 so far today | Leave A Comment »
I met my client on October 22 when I listed his home in Temecula; he was referred to me by a mutual friend. He was in the unique position of needing to do a short sale. He loved his home and would liked to have kept it, but because his job had taken him so far from home, he couldn’t afford to pay rent and a mortgage. Knowing little about the process of selling a home, and hearing horror stories of month’s and month’s of waiting for banks to decide home owners fate’s, he was annixous to say the least. I painted him a picture that was bleak at best. Knowing that a short sale was going to take time, I suggested that he start by trying a Loan Modification. After all he wasn’t being forced out by a Interest Rate Hike.
When Craig called his mortgage company requesting a modification package, to his surprise, the bank representative was very nice. He was asked a series of questions, given a link to the companies website, and asked to email the paperwork back as soon as he could. Not the bleak picture I had painted, not at all.
Once the bank went through his packet of paperwork; everything from Bank Statements to his hardship letter, and Tax Returns, the bank told him he was a candidate for Short Sale only he wasn’t behind on his payments. This was the hardest part for him…he didn’t want to lose his good credit standing, and it was going against everything he’s been taught, but he had to quit making his payments in order for his lien-holder to take notice. Almost 3Mons to the day he first called his Mortgage Holder, he was given the approval from the bank to short pay his home.
This is not your typical Short Sale… This was job related. But in my past experience, 8Mons to a year is the typical time frame from Start to Finish. I’ve even heard from other Agents of Banks selling the property out from under a home owner that was given approval. My long winded point, is this,….persistence pays off. It pays to be persistent. Who cares if your bugging the bank employees, keep calling. Do everything your agent tells you to do and be persistent. These banks do not want the Inventory on their books. The Short Sale is the new REO Sale.
This is a great time to buy, or sell, a home. There are more incentives now than ever before for buyers and more opportunity for sellers to do a short pays.
“If your sitting on the Fence, don’t wait to long, you’ll find yourself with Splinters.”
Call me…I’m Realtor Ricki, I can help.
