This short sale was a bit involved, but I received final approval yesterday on the B of A first lien. I already have the approval for the Chase HELOC, so we are into Escrow and roaring to a close. Interesting how I waited weeks for that final Investor approval, (after accepting their counter), and once it came through, they gave us..wait-are you ready???? 8 days total to CLOSE! And that counts 2 days over the weekend..eeeekkkk!
I will, of course, try to extend the close and normally, they are good about that. It's a cash purchase, but even so..who can close on an Equity Sale in 8 working days??? Never say die, dig in, and stay focused..we're off!
Short Sale Specifics:
81-375 National Dr. La Quinta, CA. Listed mid-May for $1,200,000.
First Note: B of A PML in the amount of approx. $1,400,000
Second Note: Chase HELOC in the amount of approx. $250,000
Sales Price: $925,000 with $8,500 being paid to the second. All deficiencies cancelled.
This home was not a "steal." It is a good value for the home, and although seems hard to believe, the neighborhood it is in, Norman Estates, supports this sales price. These homes were built in 2004-2005, and consequently the 58 home neighborhood has been hit extremely hard by the housing market decline.
Listed to Close in approximately 90 days..another successful Short Sale transaction by your Palm Springs Valley shortsale specialist. Give me a call for a FREE property consultation! No obligations, no strings attached, just FREE information that might help you sort out what's best for your particular situation.
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