As a Sacramento Short Sale Realtor ®, I had to ask a fellow Realtor representing the home buyer to start a loan process BEFORE the fully executed Short Sale acceptance was granted. This is not something that I normally do nor is it something that home buyer Realtors ® would initiate. So, you ask, “why in the world would you ask the home buyer to begin the loan process?”
Very simply, the Short Sale seller has 2 mortgage loans and the 1st mortgage lender approved the Short Sale on the condition that the new home buyer closes by September 26, 2010.
The kicker is that the 2nd mortgage lender, good old B of A dragged their feet and would not escalate the short sale file nor approve or disapprove the Short Sale.
The caveat to this Short Sale was that the 1st made their condition to the Short Sale approval stating there would be no extensions and that the home buyer MUST close by September 26th.
Sometimes a Sacramento Short Sale Realtor ® has to step up and think outside the box so I explained the circumstances with the home buyer’s Realtor ® and she was able to see that if her home buyer had any chance of purchasing this condo for sale as a Short Sale, she needed to advise her home buyer to begin the loan process.
The home buyer was originally PreApproved with B of A but knowing that Bank of America can no more do a loan in a short time period than they can approval a Short Sale in a timely fashion, the home buyer selected Chad Focht with Mason-McDuffie to step up and begin her loan. Thank heavens!!
We finally have received an acceptance from B of A after negotiating with them to lower the seller’s contribution from $5,000 to $300. Luckily, since the home buyer has already started the loan process and will conduct her inspections today, we have an excellent chance of closing on time.
This is where Sacramento Realtors ® work together to make things happen in the best interest of both the Short Sale seller and the Short Sale home buyer. And I must not forget the Lender!
Since most of the Sacramento homes for sale are Short Sales, you can click on the advanced MLS search to see all the Short Sales for sale in and around Sacramento by clicking on Sacramento Real Estate Neighborhoods and select Short Sale homes for sale.
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