I close escrow today on a short sale in Oxnard, California. This was the "typical" short sale with Chase where much of the chase happened to be chasing Chase in an effort to stabilize my Seller's position in this crazy recovery. We played a lot of cat and mouse games because while I was chasing Chase, Chase was chasing my Seller for more payments adding subtle hints that their short sale would seen in a more "favorable" light if they continued to make payments toward the 2nd lien holder (surprise, also Chase). First off, let me be the one to shed a little light on the subject by informing you, the reader, that the collection department at Chase has nothing to do with the short sale department.
I tend to form a close bond with my short sale clients (I almost used the word "people" here, but I try to blog professionally, yet from the heart if that makes sense). I feel the confusion permeate the room when a potential client walks in my door. I don't stop counsel until I know their questions are answered and that they feel a comfort level in this process. Sometimes it takes weeks before a client knows in their heart they've exhausted every avenue including waiting months and often over a year for a loan modification. Again, we as Realtors know that the inevitable could mean that the lender denies the application for modification and swiftly sells the home right from underneath the homeowner as soon as the denial comes in, thus avoiding the rightful owner any time to seek additional help.
Let's face it, it can be scary not knowing if the bank will be willing to see the Seller's hardship, let alone the market position of the subject property. This short sale was no different. Behind the scenes I had to take photos of the outlining area to prove to the lender that the subject property had newer home competition, yet the entrance to the community had undesirable factors. You know the drill...get the lender to see that larger picture of why you priced the property slightly below market value as the area continues to slide into a rapid decline.
As is with every short sale I've encountered, there's always the confusion of finding the name of your negotiator and then having to play the "find your negotiator" game. In this case, I had two, both from Chase but in different time zones in our nation. I explained only some of this work I did to my Seller as it's my job (in my opinion) to provide comfort during this stressful time, not add to it but merely to inform my client of pertinent information.
In any event, I'm pleased that my Sellers are closing escrow today and we enjoyed a bond of trust. I was pleased to be a part of their recovery. The only "unexpected" event in this short sale is pictured below:
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