Escondido Short Sale
If you live in the city of Escondido and want to sell your home in a short sale transaction, you may be wondering if it is possible to succeed. The reason you may be wondering whether it is possible to succeed in an Escondido short sale is because you have probably read in the news or heard through the grapevine that short sales are time-consuming transactions and the short sale process is riddled with headache due to the mortgage lenders.
The good news is that this is really not usually true. It is vital to hire qualified Realtor® to process your Escondido short sale. Your Realtor® will be skilled enough to aid you and obtain the approval letters that you need in order to get your short sale closed as quickly and efficiently as possible.
Here are two scenarios so that you can see the success of the Escondido short sale.
Short Sale #1:
Wachovia that was the first lien holder and Mission Federal Credit Union was the second lien holder. The list price on this property was $399,000 Wachovia agreed to release their lien. The Credit Union released their lien for $15,000. The sellers did not need to pay a penny in order to get this deal closed. Short sale approval was received from Wachovia in five business days and the Credit Union approval letter came about 10 days later. Total time from the time we submitted the short sales package until we obtained the lien releases from both the first and second lien holders was two weeks.
Short Sale #2
Escondido short sale has two Bank of America loans with a total loan amount of $700,000. The property was listed for $525,000. Using the Bank of America Equator system, the short sale was approved and 35 days.
After receiving any short sale approval, it is common for the bank to allow anywhere from 30 to 45 days for closing
Perhaps you have heard that it is difficult to succeed in an Escondido short sale. You can see from these recently closed transactions at Broadpoint Properties that this is absolutely not true. If you hire a qualified Realtor® to work on your short sale in the city of Escondido you will see success in closing your Escondido short sale.
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