SHORT SALES

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2 Short Sales I've successfully closed


You can find great local Pleasanton, California real estate information on Localism.com Mike Jackson is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.

Two short sales that I have successfully closed.Date: 15 Sep 2007

When the down market started to take place in the summer of 2006, I had a property listed in Manteca, CA. This home sat on the market with a list price of $455,000 since my seller owed approximately $430,000. I did several open houses and I received a lot of inquiries and walk ins buit no offers. So I decided to look at the local listings in the area and one in particular came up on the market at the time and the owner wanted a quick sale to move into his next property so they priced the home at $409,000, so then I thought ouch how do I break the news to my seller that there is no way we can compete. Luchily I have a broker that's been in the business for 8 years and she told me I should short sale the property. This home did have to loans so the first was getting all of their money but the second was taking a substantial hit. The second happened to be with countrywide. After 3 offers and about 2 weeks to get t he short sale approved we finally closed escrow in October it was relieffor me and the seller and he will not have a foreclosure on his credit and everyone is happy.

 My second successfully closed short sale was in San Francisco, California. It was a condo that was valued at around $535,000 at the time of the listing agreement. After four months of nothing we definetly had to drop the price, and it took a total of 3 offers to get this closed. This was a big relief because the lender was New Century andduring the middle of one of my offers they said the loan was sold to a private lender, but it was a miswtake and it cost me a buyer because it took 3 weeks to find out they made a mistake. The condo finally sold for $485,000 in July 2007. For more information regarding how to legally represent an investor on a short sale feel free to contact me.

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Short Sale Time Frame 

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My personal experience on short sale time frames. 

2 to 4 months for an approval.

If you're in the real estate market as an agent or buyer you know that it takes a while for an answer on a short sale especially in the beginning stages.

The beginning stages consist of getting the home owners financial information together, and sending it over to the bank once you have an offer.

When the offer is received and you have a complete short sale package sent over to the bank it could take up to a month just to get it assigned to a loss mitigator depending on the lender and if you are dealing with a first and a second lender that are two different lenders.

Then the BPO (Broker Price Opinion) is ordered which can take 1 week or two to order and complete.

The final step is your file gets transferred to upper management or the investors that need to sign off on the loss. This can take 2 weeks to a month or more.

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