We are in the throes of
a race against the clock. The story began while I was following up with a
client who had come to our short or stay calculator to see what their home was
worth vs. what they owed. As was the case they owed $510,000 on a home that was
worth maybe $275,000. Easy breezy right? WRONG.
This homeowner had made
the decision to short sale but that was where the decision process got a little
cloudy. When I asked them if they need our assistance they politely said no,
they had contacted an agent a couple of days ago and were waiting for a call
back. Anybody besides me see anything wrong with that response? That was red
flag number 1. When I checked back with the seller a day later this very nice
homeowner said their agent had in fact got back with them but because she was
working a 9-5 job could only help them on the weekends and after 5 PM. MAJOR
RED FLAG number
2. Now the rest of
the story is there was a foreclosure sale date scheduled to take place 26 days
from then. FULL TILT ALARMS were now going off. Through our conversation I
encouraged her to seek a full time Default Advocate and West Sacramento Short Sale Specialist,
even if it was not me. Yes I would be honored to help them, but at a minimum
they needed someone to baby sit this deal and get the sale date postponed.
Why the sense of
urgency? The have a first, equity line 2nd AND an equity
line 3rd. In the foreclosure the HELOC 2nd and 3rd would not go away leaving
them liable for the unpaid balance.
As it turns out they
called us back a day later and as I produce this post we are diligently working
to secure an offer and get the foreclosure postponed. Fingers crossed we make
it happen. If not t surely won't be from lack of effort on our part -- we'll
keep you posted on our success.
Is a West Sacramento Short Sale Right for Me?
No comments:
Post a Comment