You never really know what a short sale bank will do until they do it. I'm often called upon to predict what will happen in a short sale, especially when it involves negotiations of hard-money loans with lenders like The Golden1 Credit Union in second position and Wells Fargo in first, but you can't always call it. It doesn't matter how many Sacramento short sales I close, there is always something new happening.
Read more about the Vanishing Golden 1 Second Mortgage in a Short Sale.
Elizabeth - informative post, I think sometimes depending upon who you work with at the bank and what's going on with htem determines the complexity and speed of your short sale process.
So Golden 1 is a misnomer Elizabeth. Death grip on your wallet is their motto
Kind of reminds me about technology one day it's one thing and within a few hours the rules have changed.
It's a good thing that you are the one working this short sale, Elizabeth. Many others just don't understand the complexities of second (and third) loans.
I wrote the blog this post points to in August of 2012, and I wrote this blog in August of 2012, but for some reason, I left it in "draft" status on this site, which is why I published it today. May as well make it public. But it a post that is almost 2 years old, LOL.
Author Bio: Elizabeth Weintraub is a Sacramento real estate broker, author, home buying expert for The Balance, a Land Park resident, who specializes not only in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento but sells extensively from Elk Grove to Lincoln. Weintraub is prominently known as the #1 Sacramento Short Sale agent throughout the Sacramento four-county area. Call Elizabeth Weintraub at 916.233.6759. Put 40+ years of real estate experience to work for you.
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