Sacramento Short Sale Success / Short Sale Agent Mike Rigley / Default Advocate
This is a pretty good story on and by itself. We were the second agent on this Sacramento Short Sale file. The property had an Indy Mac first and a Citi second. The Indy Mac first had an approved short sale price $20,000 above fair market value. The key to the preapproved Sacramento Short Sale was the seller would receive substantial relocation assistance once escrow closed. As is our custom, we listed the price at the Indy Mac price for 21 days. With no offers we started making price adjustments of 3-5% every two weeks until we received and offer. Guess what - as soon as the price was right we not only received one offer we received multiple offers. Accepting what we thought was the best offer we went into contract and started negotiating a lower price with Indy Mac.
As fate would have it, we recieved our new approval on this Sacramento Short Sale from Indy Mac and Citi only to have the buyer cancel. With the foreclosure sale date getting closer we scrambled to get a new buyer. With in a week we were back in contract and working on the new approval. Now remember I said we were the second agent on this file. Becasue so much time had elapsed from the time the first agent took the file and we stepped in, the pre-approved Sacramento Short Sale through Indy Mac was recinded taking the relocation assistance off the table. My seller was distressed to say the least.
As the never say die guys, we submitted for a HAFA short sale. What should have been a simple exchange of names and closing on the Indy Mac pre-approved short sale ended up being 60 additional days to receive HAFA approval. With our new HAFA short sale in hand we were able to get the seller his relocation assistance, avoid the foreclosure and close the transaction. What I thought would be a slam dunk Sacramento Short Sale ended up being a 6 month ordeal, but glad it's over now.
To get a better idea of when your Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info for a free estimate or call me today for a free no obligation consultation or for the latest Sacramento short sale information. Call me today and sleep better tonight; you’ll be glad you did
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