I just closed a short sale in 60 days. The bank was Wells Fargo with one loan. With a cooperating client, true hardship, one loan, in Equator, and V.A. as the investor, what was there not to like? The buyer was an all cash investor who wasn't going to walk away when the going got rough. Can you believe I got 18 offers the first day? That's how low our inventory is in Southern California.
This kind of short sale makes up for all the ones before that were nightmares. As agents, we will have bad transactions, but a dream transaction like this is what keeps us in the business. Most importantly it felt good to help someone get out of an awful situation that they did not create. I am truly not happy unless my clients are happy.
Like everyone, I am wondering what the new year will bring. I hear more short sales; I hear more bank owned releases. The shadow inventory? I have been hearing about this since 2009.
I hope every agent has the dream short sale transaction they deserve for hanging on in this market.
Comments
It took 6 weeks from the home was placed on the market to the date get an approval with an escrow deadline. The actual time spent on short sale was just 2 weeks.
The issue is seller was unable to get through loss mitigation dept that he wanted to do a short sale. His mortgage was sold to an obscure mortgage firm in the midst of a short sale transaction. We wasted 1 month! By doing diligence, I called the new lender daily for the new account #(took 1 week). The ss coordinator volunteered to wait on us and the ball started rolling. It took ~4 days actual time to get approved. On the buyer side, the buyers were very serious and cooperated all the way with same day turn around on everything I requested. I learned to put the deposit with escrow as buyers have the tendency to walk away letting seller home go into auction. We are doing final escrow next week and it will be a smooth one. The buyers told me they lost out on several purchases to investors as they really need the place to move in. This is a good story.