Short Sale Closed!

Short Sale Closed!  This was a long one as they sometimes are; about 6 months from start to finish, but we got it done!  North Indio beautiful home in Shadow Ranch that had to be shorted as the seller had hit a slew of financial problems.  This was a Mr. Cooper short sale, and also had a loan modification balance which is a HUD second lien that also had to be paid off.  If you are feeling stressed and want to gather some info on a potential short sale, give Kim Kelly a call at 760-285-3578.

Even when my sellers do everything correct as far as contacting their lender, sending in the short sale documentation, even receiving the lenders approval to do the short sale, there are always hiccups!  We were moving along until the modification amount popped up and had to be handled as a second lien that required HUD approval.  I have a wonderful escrow/title company in Lawyers Title and Escrow, so we kept on top of it.  It still dragged on and on.

I believe this is going to be the norm, until more short sales are completed and they’re coming.  Once there are more of them, the Lenders develop a system of handling them that is much more efficient.  Equator is a good platform to deal with short sales, but getting the negotiator to communicate regularly is tough..I’m sure they’re flooded with delinquent mortgages.

Sellers:  Remember that you must maintain your property as far as cleaning, landscape and pool maintenance.  If there is an HOA, keep on top of it!  Keep your utility bills paid.  All this speeds things up.

Buyers:  Be patient, committed and stay in touch with your lender.  You’re getting a deal, so hang in there!

If you are looking to buy or sell your Coachella Valley property, or just need information to consider if you may qualify for a short sale, start gathering it now.  Talk to your Lender or Lenders, and get a good short sale realtor to help you through the process.