West Sacramento Short Sale Information - VA Short Sale Success

Mike Rigley Certified Default Advocate, Distressed Property Expert and your short sale specialist here thank you for joining us. Today let’s talk about o recent VA Short Sale Success.

Well we have done a couple of VA short sales but I gotta say this one took the cake. We listed the property in January 2012, had difficultly showing the property and therefore getting an offer. After about 30 days plus or minus we finally received and offer we could work with. We submitted our VA Short Sale package and began the process.

The loan was pretty straightforward, purchase money 1st loan only, reasonable hardship but the seller was current and not in eminent default. As it turns out our buyer was purchasing with a VA loan. Here is where is got interesting.

In this case, VA had two appraisals done. One was the liquidation appraisal and the second was for the buyers VA purchase loan. The property is in a gated community and the VA liquidation appraiser used comparable solds from outside the gated community. As it was the liquidation appraisal came in way too high. The buyer agreed to the higher purchase price but his VA purchase appraisal came in well below the liquidation appraisal. This naturally requires we challenge the liquidation appraisal and ask the VA to reduce the approved price to match the buyers VA purchase appraisal.

Sounds easy enough. That took us nearly 3 months to accomplish. Ultimately we had to wait until the VA liquidation appraisal expired then get a new one. We did all that but then our buyers appraisal expired requiring they get a new appraisal as well. Doesn’t sound too bad but a little known fact is VA does not grant extensions to their short sale approval letters.

Because this was such a troubled transaction naturally our approval letter expired and we had to start the process again. ARGHHH. Well since we are the never give up guys we were able to get the new letter and closed escrow 10 months after starting the process. Never say die, never say quit. We gotter done.

Is a West Sacramento Short Sale Right for Me?

To get a better idea of when your West 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