This sale was a condo in City Heights on the 8th floor and is a corner unit, which is a very desirable location in this high rise with a great view. This was also a short sale transaction with a very nice investor couple who actually lives in Hong Kong. They came to San Jose for their one and only visit to view this unit that their son, who lives in Canada, thought they would like to buy. They loved the unit and made an offer, went back to Hong Kong, and we went through the entire transaction with these buyers abroad.
These buyers were all cash buyers, so it did make the transaction very easy once we got short sale approval and we closed the transaction in less than 2 weeks. For this short sale, BofA was the bank we were dealing with and there was a first and second loan, both with BofA. The waiting time for this short sale was actually quite fast, considering short sale waiting periods. We wrote the offer on New Years Day and got short sale approval on February 15th, so just about 45 days, which is quite fast in the short sale world, and practically a miracle for BofA to work that fast on a short sale.
The transaction itself was very smooth. I arranged all that needed to be done for the buyers, since they live so far away, including hooking them up with a property manager, tenant insurance, and just tried to make things as easy as possible for them so that they could relax and not have to worry about all the things that need to be done with not only buying the property, but then finding a tenant and such after closing. I am sure it’s a bit stressful to live out of the country and try to buy an investment property, so I made the transition as worry free as possible. We were able to do basically everything via email. Since it was an all cash transaction, we didn’t even need a notary, so they were even able to receive the title documents via email, sign them, and send them back. Nice! They were able to do most everything sitting at their computer. And, I did the leg work.
So, now they are proud owners of a condo in City Heights!
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