If I could name one thing that makes my Sacramento short sales successful, I'd say it's finding that right Sacramento short sale buyer. I'd like to believe it's my superior negotiation abilities and extensive experience in closing short sales, and those things are involved in the short sale process, but it's really helping my sellers to choose the right Sacramento short sale buyer.
I just closed a Sacramento short sale in the Pocket. I suspected from my previous experiences with this particular type of lender, CCO, that we would most likely be facing a situation in which the second lender would demand more more money than the first lender would be willing to pay. That's always a sticky situation, but it's even stickier if it will blow the whole transaction.
Sometimes, the first lender will not allow a larger payment to the second lender. There are reasons for this. One is if there is any extra money floating about, the first lender wants it. The first lender is the lender who generally stands to lose the most, but not always. Another reason is the first lender's investor guidelines might be very specific regarding how much the second lender can receive in a short sale. A third reason is California Civil Code 580e says a seller can't contribute.
Read more about the Perfect Sacramento Short Sale Buyer.