This La Quinta Short Sale was not a slam dunk. Two notes with different Lenders, but still CLOSED in approx. 95 days. I don't just list my Short Sales..I CLOSE them.
81375 National Dr. La Quinta, California PGA West
First note with B of A: Approx. Value of 1.4 million
Second note with Chase (HELOC): Approx. value $250,000.
Negotiated Sales Price: $925,000 with $8500 going to Chase. Both lienholders released their right to pursue for deficiencies.
Sounds low, right? But this is a very Fair Market Value for this lovely home. Norman Estates in PGA West is a gorgeous neighborhood that was built between 2004-2006. I was the onsite Sales Manager and sold all 58 homes. Truly gorgeous homes..but they have dropped tremendously in value. I remember drive by appraisals when I was sitting in the Sales office. The Appraisers didn't even come in to get keys to homes..rather they did "drive bys" and submitted their appraisals and that same home that I had just closed at $850,000 was now worth $1,150,000!!! I was stunned and also forwarned of what was to come. That was the start of my Short Sale education nearly 5 years ago.
I don't just list my Short Sales...I CLOSE them! If you are underwater on your mortgage in the Palm Springs Valley..La Quinta, Palm Desert, Indian Wells, Rancho Mirage or Palm Springs, give me a call for your FREE consultation.
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