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Thanks for following my blog posts.  As you know, I do short sales in the Portland area.  This is about a lower end short sale property in Portland.

Back in May of last year (2013) a lady called me.  She and her mother wanted to sell a property on a short sale.  I usually don't take transactions under $200K.  It is not because I am above that.  It is because, I have calculated that I may take too much work and not make the hourly fee worthwhile.

For Portland, a property under $200K is for sure a lower end short sale.  Anyway, what maters the most in a short sale, is total cooperation.  They were willing to vacate the property, clean it and let me know as soon as they were good to go.  I totally forgot about the subject.  Suddenly, I got a call in September.  They were now ready to list the property and were ready sign the listing.

Sometimes things start easy.  The next day after listing the property, I went to place a lock box.  As I was driving out, a saw an evident Realtor type lady park in front of the house.  From my car window I asked her if she was a Realtor.  Of course she was.  Anyway, a few hours later I got the offer from her for this short sale, plus a back up short sale offer.

The short sale was with Ocwen.   I had just closed a transaction with Ocwen.  That was the only part I did not like about this short sale.  It seems Ocwen has two branches.  One that works out of Texas through Equator.  The other one is in India.  To my luck, this short sale was with the Texas group.

The only part that took a while, was waiting for a document the seller could not find and had to be re-issued.  Other than that this was a fast deal.   I am usually present at the appraisal or BPO.   The BPO came laughably high.  Some agent from Re/Max did it.  I don't even remember the name or want too.  He called to ask if there was access.  Anyway, I was able to prove that the offer was very good and the BPO so far off.

So I got my short sale approval in about three weeks after I actually sent the documents.  However, the buyer's inspection showed mold in part of the crawl space.  I presented the evidence to Ocwen.  They adjusted their net so it now worked again for the buyer.  The short sale was approved in about one month total. 

Time Summary:

From listing to paperwork submission (including getting the offer) took one month.  This is because of the missing document stated above. 

Short sale processing  took another month

Closing was same week as short sale approval because it was a cash deal

In this transaction I made around $175 per hour.  Better than expected.

 Here is a link to the property in my web site PDX Experts Short Sale 2

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