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Escondido Short Sale: Is it Really Possible to Succeed?

By
Real Estate Broker/Owner with Broadpoint Properties Cal BRE #01324959

Escondido Short SaleEscondido 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.

Comments(5)

Matt Grohe
RE/MAX Concepts - Des Moines, IA
Serving the metro since 2003

Melissa: Congrats on your success with those short sale. It's really an accomplishment and testament to be able to say you made it happen.

Aug 24, 2010 03:55 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Melissa - that's hopeful for the future, especially given what we have seen. Of course having the right REALTOR helps.

What percentage of short sales do you see closing, in general.

Jeff

Aug 24, 2010 05:12 PM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Melissa there is no doubt that hiring the right Realtor in a short sale is critical. I know you are the one to call for your area!

Aug 25, 2010 01:11 AM
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Melissa -   It might be hard for a consumer to understand they CAN get this kind of help out of a foreclosure situation.  Good spreading the word, and you do a great job!

Aug 25, 2010 12:11 PM
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

Jeff: Lately I have seen lots of local agents throw in the towel on their short sales. In general, we close about 8 or every 10 that come thru our office. Frequently, sellers opt for loan modification or bankruptcy instead of short sale, so that accounts for some of the files that do not close. Other sellers get frustrated with the process and their agents. So hiring a qualified agent is key!

Aug 25, 2010 02:53 PM