A Successful Short Sale in Temecula
The seller was a real estate agent in my office. She paid $530,000 for
this house in 2005.
In 2009, she asked me to list it for short sale at
$220,000. No sign in front of home and
appointment only for showing. We had 28 offers in 2 weeks; 20 were above the asking price
and the rest were asking price or less.
She accepted the $291,000 cash offer, and I got the short sale approved and sold it
within 82 days. Souvereign bank is an East Coast bank; they asked the seller to
contribute
$10,000 - I told them NO, the sellers already lost all their equity and down payment,
so the bank said ok, with $0 from the seller. They also forgave the balances of the
sellers' loan.
Now 2
years later, the seller and her husband are building a comfortable new home
for themselves near their daughter's home in North Carolina.
4 bedroom 3 baths 2300 sq. ft.