December 28, 2011. Short Sales: the devil is in the details!
SHORT SALES
Limbo: 
IndyMac short sale. Faxed the file on December 16. Followed up, and learned that we're missing info: zip code of the subject property needs to be included on the contract.
Memo to self: make sure every "i" is dotted, every "t" is crossed. Double check, triple check everything.
Every single mistake and/or omission can create delays!
Good news: 
Closed escrow on a Bank of America short sale nearly 1 1/2 years later, with our 5th buyer. Previous 4 buyers backed out because they couldn’t wait. It took taking to BOA’s Twitter account to get some action. And it helped to have a Buyer who really wanted the property and was willing to stick it out.
Good news:
Chase short sale. Been in contract since September, now on our 4th negotiator, several phone calls and re-faxes. Finally received verbal approval, waiting for written documents. Hallelujah!
This is such a common problem with Chase. Every single one I’ve had --- be it from the listing as well as the buying side --- took 3-4 months to get approval! Called the Chase Executive Resolution Team 888-310 7995 a number of times before I got any action.
Wish Chase had a twitter account.
FUTURE SALES
- A former client decided to resume the hunt, especially now that he is engaged. Prepared to show him properties tonight at 7 pm --- three condos in Alameda CA. The best part is that he is not shying away from short sales.
- Another client is continuing to look --- Oakland, Emeryville, Alameda ---- tapping into automated search results, and alerting me whenever he’s interested in a particular property. A little bit of research on each listing enables him to decide whether or not he will pursue. He had backed out of a purchase on a lakefront condo complex because the association is in mediation wiith builders regarding wiindow washing which hasn't been done in 6 years!
- Alerted another client about certain live/work lofts becoming available in Oakland CA. Because he’s on holiday, he won’t be able to see these until the first of the year. At least he’s still interested!
Busy, busy, busy! Working amidst the mess while in the middle of renovations that include a new home office for me.
Once again, serious buyers are seriously looking.
Sellers, pay attention: We need more inventory on the market to accommodate these buyers.
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