Recent Short Sale Success Stories

(Updated July 2011)

Ballata Court / Vista, CA

Results:  Full lien release with minimal disruption and zero costs to owner. 

Ballata was a recent, successful short-sale that resulted in a full-release for the owner.   The homeowner had come to us early with general knowledge of the short-sale process.  After an initial consultation, we outlined a strategy to sell the property given this owners unique situation.  Since the owner had a traveling work schedule, property showings were screened and handled directly with our team.  We worked through the Equator system with a single bank.  As with many short-sales, the initial buyer in escrow backed out waiting for the bank to respond.  However, we used the initial offer to continue to push the bank to secure a valuation for Ballata.  It took 90+ days to get an approval price from the Credit Union. Once we had the approved price from the bank, we were able to secure a buyer in several weeks and close escrow.   The owner was detailed and cooperative with the paperwork required for a short-sale. 

Results: The short-sale was completed with full release; zero out of pocket costs and minimal disruptions to the owners busy life.  For more details, please inquire with the team.    

Carmel Creeper Place / Encinitas, CA

Results:  Full release on two loans:  1^st Loan (recently modified) and 2^nd Equity Line

This property was an investment home for the owner and was tenant occupied.  The owner had worked for almost a year on a loan modification.  As with many modifications, the new payment for the 1^st loan was greater than the original terms.   We met with the owner to craft a best-case scenario to negotiate lien release on both 1^st and 2^nd lien holders.  We met with the tenant and created an incentive program to make sure they would accommodate broker showings.  This was a difficult short-sale to complete, as the two loans were held by different lenders.  The 2^nd lien was sold to a collections company and required a payoff.  To make matters more complicated, the bank had an initial approval price out-of-line with recent comparative sales.  We had to work 90 days to secure a new value.  Also, the community had several competing homes (bank owned and traditional sales) that would not require a buyer to wait to receive approval.   

However, we are, as they say, “a dog with a bone.”  It is a great honor to work on behalf of our client(s).  Our goal is a successful short-sale.  With the special challenges specific to the lender, it took 9 months from start to finish.  An important key to this transaction was a great working relationship with all parties: the owner, the buyer’s broker, short-sale negotiator, asset manager and lein holder.   

Results:  Full release of two loans and an elated, debt free client.

Other Recent Short-Sale Closings

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