Short Sale; CLOSED!

Short Sale; CLOSED!  Short Sales are coming back.  I just closed one in Cathedral City, and am listing another one in North Indio tomorrow.  These sellers did not pull a bunch of equity out of their homes as some people think these sellers do, they simply are having economic difficulties.  If you are thinking of a short sale, give me a call at 760-285-3578.  I’ve worked dozens of them, and it appears we’re heading for another short sale wave!

This was an ideal situation for me as a short sale listing agent.  The owner had already contacted his lender, discussed his mortgage modification or short sale options, and had the property listed as a standard sale for over 60 days.  When the seller contacted me to take over the sale as a short sale, we had an offer in place with buyers who understood through their agent and myself, what a short sale entails.

Remember that in a short sale, you DO get a reduced price over the market value.  As a short sale buyer, you must be prepared with your lender or cash, to act quickly, yet you may have to be very patient too.  It’s a process to get the offer to the company that holds the note, (often FNMAE).  Once they go over the numbers, they will approve the short sale.  Then I move to the Lien servicer, who also has to approve the short sale.  Once they approve it, it may still take weeks to get the final approval letter.  It’s quite a process, but if you have the patience, and are qualified, short sales mean a DEAL for you!

I have a new Short Sale coming up over the weekend in Shadow Ranch in north Indio.  Gated community, low HOA, homes build in 2005/2006.  This one is a 5 bedroom (including a detached casita + bathroom), 4.5 bathroom home with a pool/spa, remodeled kitchen and just under 3000 sf.  I don’t have a tour yet, but here are a few photos..