Recent Short Sale Success Stories
(Updated June 2012)
Carmel Creeper Place / Encinitas, CA
Results: Full release on two loans: 1st Loan (recently modified) and 2nd 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 1st loan was greater than the original terms. We met with the owner to craft a best-case scenario to negotiate lien release on both 1st and 2nd 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 2nd 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, tenant and an elated, debt free client.
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.
San Remo / Oceanside, CA
Results: Full release on two loans, HOA lien and tenant relocation
This property was a primary residence that was turned into a rental property. The owners were in receipt of a notice of default and a pending trustee sale date. The Lund Team, inc was selected to help facilitate the short-sale and tasked with negotiating the 1st and 2nd trustee, as well as sell the property with a tenant currently occupying the property.
Working through several negotiations with both 1st and 2nd, our team was successful in securing terms for an as-is transaction.
Due to the complexity of the transaction and slow response time of the bank(s), we worked from January to mid June to close escrow. However all involved are happy with the result! See YouTube Video Summary
Other Recent Short-Sale Closings
|Olive Knoll Place||92027||Escondido||SOLD|
|Shadetree Drive||92078||San Marcos||SOLD|
|Wild Iris||92078||San Marcos||SOLD|
|Camino Hermoso||92078||San Marcos||SOLD|
|7th Ave||92101||San Diego||SOLD|
|8th #316||92103||San Diego||SOLD|