It is my please to announce that this short sale has come to a successful close.
The buyer wired his money to escrow and they were able to pay off the existing mortgage per the terms of the short sale approval letter and the home has now been recorded in the new owners name with the county.
I am going to use this post as a summary of sorts to reflect back on the milestones, challenges, and the overall short sale process.
Most short sales follow the same outline and its important to point out
what those are as a way to
I hinted in the last post that the “cash” buyer we had lined up didn’t need an appraisal or loan docs in order to close. That is what we were led to believe in the beginning, but as this file was coming to a close the buyer wanted to use a hard money loan to purchase the property thinking it was the same as cash.
Maybe its “just as good as cash” like Hard Money Lenders will describe their services. In a lot of ways it is. But there are a few important distinctions that need to be made.
I have mentioned before how important it is to have great members on your team when it comes to handling short sales. Of course this is true with regular real estate transactions too. But short sales can be particularly tricky because of all the extra documentation a complications that can arise from them.
The escrow officer is use is a rock star.
More than 2 weeks prior to this file needing to close she was preparing the transaction to look for anything that could prevent us from closing and was able to
I received word last Friday that the delegation was granted and the negotiator with Wells Fargo was able to issue the approval for our new buyer!
As always, I made sure that all the numbers were correct before forwarding to the seller and agent to let them know the good news.
Sometimes I have to remind myself that these things can’t close as fast as I think they will even though there is a cash buyer. I often deal with short sale homes where the seller has already moved on and the home is vacant.
Not so in this case.
The seller needs to once again find another place to live and will likely need
Its been a week since I submitted everything the lender had requested and I hadn’t heard anything. I messaged the negotiator to ask him for an update and he was quick to respond.
He said that he was waiting for HUD to approve his delegation request he had submitted 7 days ago.
What is Delegation you ask?
Simply put, delegation is permission to act without