Short Sale Success in the Camas Neighborhood of Deer Creek
Many times when we work with Short Sale Listings in Camas, we regularly find physical defects or deferred maintenance items in or outside of the home. Happily in this case, the home's owner wanted their home to show well, and perhaps yield more in the sale; thus, it went to market in almost pristine condition. The owner also wanted to be on reasonably good terms with the short sale department with their bank, Wells Fargo; as another reason for keeping the property in great shape.
With no repair or maintenance issues to address, we were able to quickly put the home on the market. The initial price was set at $389,000, which might have been in the mid-to-high part of the then current market value range. However, the average home sales price for Clark County had been in a strong upward trend, which would cause any pricing "error" to be quickly corrected. Additionally, there were very few homes of this caliber and price range for a buyer to choose from.
How Many Buyers Does it Take to Close a Short Sale?
In no time at all we had a great buyer offer for $450,000, that included a solid lender preapproval letter and a large down-payment. Within 45 days the bank approved both the seller for the short sale and the buyer's offer (Wow, that was FAST!). The buyer's agent was elated with the quick approval but, responded back within a day that a job loss now disqualified the buyer; and we were quickly back on the market!
With no buyer-action during that next month we lowered the price to $473,000, and picked up Buyer Number 2 a moth after the price reduction. This second offer was All Cash but, lower than the first offer. Never the less, we sent this to the bank for approval, and this time the bank provided approval in 3 Weeks! Again, this buyer's agent was also elated at the quick turnaround but, later that day sadly told us the "Cash Buyer" no longer had enough cash to conclude the transaction!!! Back on the market we go!
In less than two weeks after the departure of the second buyer, the Third and Final buyer arrived. This time the buyer's home a nearby state was under contract and past the Inspection Contingency phase thus, they needed a fast approval to avoid being homeless between the time their existing home closed, and their new short sale purchase closed. Luckily the bank's Valuation (Appraisal in this case) for the property had not gone past 90 days from the time the second buyer was in-play; and we had the third buyer approved in 7 Days! With no Inspection items discovered to speak of, this sale closed within 5 weeks of both parties agreeing to the sales contract!
Great Results For the Home Seller!
By keeping their home in both great condition, and readily
available for showing to prospective buyers, this short sale
listing in Camas was sold and closed in 159 days - which is a very
good time interval considering the first two buyers and their
failure to financially complete their requirement caused much of
the delay. In addition to having No Cost to make the Sale
(the bank paid our commission), and No Residual Note to pay, the
seller also qualified for a Short Sale Incentive, with a 4-figure
bonus provided to them at Closing! Thus, in addition to
having their former mortgage balance marked "Paid in Full" with no
future obligation, they had some essential moving funds.
Our Team has successfully completed Short Sales transactions for our sellers that also included Judgement Liens and/or an IRS lien; in addition to these bank (sometimes with 2 or 3 banks/loans involved):
If your situation (or, someone you know) is such that a Short Sale in Camas or Clark County WA may be worth looking into, you are welcome to contact us right away!