This was a pretty simple West Sacramento Short Sale. The sellers had a
genuine hardship, they were late on their payments and they owed twice what the
property was worth.
As we were preparing to
put the property on the market, Bank of America came out with their new
co-operative West Sacramento Short sale program. The
watch out was the program was not valid if there was already an offer on the
property. Knowing we had time to submit for the new Bank of America West Sacramento Short Sale Program without
fear of the property going into foreclosure we did just that.
When we started this
short sale the Bank of America program was just days old so
it was a good chance to learn more about it. As it turns out and we now know,
the new Bank of America West Sacramento Short Sale program is very
specific and of course this seller did not qualify.
With no chance of
getting the relocation assistance associated with the Bank of America West Sacramento Short Sale program we put
the property on the market.
Within days we had
multiple offers including an over asking price all cash offer. The seller
accepted the over asking price cash offer and we started the West Sacramento Short Sale Process. Even
though we put together a pretty clean package we still had the usual run around
with Bank of America asking
for updates to the updates.
Not one to let this get
in the way, the seller was great in getting us what we needed in a reasonable
time and low and behold within 43 days of submission of our West Sacramento Short Sale package we
received the approval.
We are now in the
closing stage of the escrow and the file looks as it will close on time.
Barring any new unforeseen circumstances, in the next 20 days the seller will
have avoided foreclosure, walked
away from over $300,000 in debt with no liability for the unpaid balance and no
obligation to pay income taxes on the forgiven debt. The property avoids
falling into foreclosure and becoming blight on the neighborhood. Bank of America loses less money on the
short sale and we have another win – win – win.
Is A West Sacramento Short Sale Right for Me? To
get a better idea of when yourWest Sacramento home will be
worth what you owe, log in to www.shortsaleandloanmod.info for
a free estimate or call me today for a free no obligation consultation or for the latest West Sacramento short sale information.
Call me today and sleep better tonight; you’ll be glad you did
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