!_!_!_! Its never to late to consider a short sale !_!_!_!

By
Real Estate Sales Representative with Team Olsewski

So last Friday I was able to help a family avoid foreclosure by closing on a successful short sale on their home before the home was to be foreclosed by the lender. They were literally a couple of weeks away from a Trustee sale on their home in the French Valley area of Winchester CA.

 

This was not the easiest of short sale in that there was a first with Wells Fargo, a second with OCWEN, plus a Federal tax lien. The most challenging part of the short sale was dealing with OCWEN. OCWEN is renowned in the industry for difficulty in working with them. First off they have moved their customer support center to India and there is a strong language barrier that needs to be overcome. Their reps read from a very specific script and anything out of the ordinary they have no idea on how to handle. OCWEN is the worst with getting hung up on and its very frustrating when you have been holding for 20 minutes and then a rep decides they don't want to talk to you and they hang up.

 

The federal tax lien is something that I have heard from agents that they would not even attempt. There is a very straight forward process you must follow to be successful. They even expedited the process to help with getting closed before a Trustee Sale that would not be postponed. This process could not even begin until I had the short sale approval from both the first and second lenders.

 

So now I have the approval from the first and second lenders and I have the federal tax lien released. The last hurdle to overcome is that now there is five days from the expiration of the short sale approval from the first lender. You cannot under estimate the importance of working with an escrow company that knows the short sale process and knows what is needed to get a short sale closed. We literally completed what can sometimes be a 20 to 30 day process in just 5 days.

 

Along with having an escrow company that can move quickly you must have the right buyer waiting to close. It is very important to communicate constantly with the buyers agent so they are ready to move once all approvals have been received. The buyer was able to complete all inspections in time and get escrow and disclosure documents completed in a timely manner. They were able to get their funds into escrow in a timely manner so we can record on the 5th day completing the short sale.

 

 

Specializing in traditional (equity) Southwest Riverside County real estate, Southwest Riverside County Short Sales (pre-foreclosures), and foreclosures in Southern California, we can sell your home regardless of your financial needs. It's wonderful if you have equity in your home, but if not - we can still help.

We don't just try to sell your home - we MARKET your home to sell. Inventory is massive and buyers are scarce. It takes FULL TIME marketing and lead generation to keep your property up front on the internet at ALL TIMES. The MLS just does not cut it anymore. You need EXPOSURE. Nobody dominates the search engines like we do, so that means YOU DO!

Did you know that 75% of todays MLS listings entered are pre-foreclosures or foreclosures? If you need to sell, but owe more than your home is worth, you are not alone! We can help sell your home and negotiate with the bank to accept less than you owe. 

Equity, or negative equity, we can help. So, if you or someone you know has thought about selling, please contact us right away to see what your Southwest Riverside County Real Estate Value is!

Call us at 951-506-5744 or Simply enter your information on this page and we will provide you with a speedy response. The more information given, the more accurate the evaluation. All information you provide is secure and will be kept strictly confidential. There is no obligation. Please indicate when you are thinking of selling and if what YOU think your home is worth. We have a specialized team on call as well to respond to your foreclosure and short sale questions. 

 

 

Comments (3)

Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Tom, bookmarked your post for future reading. I want to learn more about the short sales - in practical situation (and how to get the short sale listings - may be you can help me...)

May 07, 2012 03:15 PM
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Congratulations on closing your recent shortsale. Tax liens are the worst and you were able to overcome it. Job well done!

May 07, 2012 03:22 PM
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Short sales are a real challenge but, with practice, the methods to be successful with short sales can be learned. It looks like you have a terrific understanding of what is needed to be done to get those problem children closed, Tom.

May 07, 2012 03:25 PM