Jeff Hansen & Arvin Paredes

408-657-9837

Downtown San Jose Condo & Townhouse Living

Short Sale Listing Closed!

The Sonora

Front

We recently closed on a listing at The Sonora located at 1550 Technology Drive San Jose, CA. 95110. The unit is a nice little condo that includes one bedroom, one bathroom, and a nice balcony. Within the complex, there is a pool, a spa, a work-out facility, underground secured parking, and more. The location of The Sonora is fantastic. It’s close to freeway entrances, the airport, restaurants, and the list goes on.

The transaction itself came along with complications as most short sales do. First of all, the first loan was sold to another lender, which pretty much meant starting the process over. Then the lender with the second loan decided that they didn’t want to pay for back HOA dues and certain other fees. This would not make any buyer happy but, since the bank countered with this, the buyer was more than likely going to have to come in with a little more money than expected in order to get this deal closed. The fees and taxes were only estimated in the very beginning of the process. However, time has passed and as this happens, back HOA dues and property taxes increase.  So, as we got close to the closing date, the buyer and buyer’s agent realized the buyer needed even more money since everything was under estimated. The seller isn’t going to pay anything obviously (it’s a short sale). On top of all of this, the buyer had asked their agent to ask us if they could move in a couple weeks early. With more negotiation, we were able to work this out. The buyer did move in, and in the end, the buyer decided to pay the extra HOA dues and other fees that the bank wouldn’t pay for.

The successful close of this short sale was great for our seller and the hardship they were experiencing. On the flip side, although the buyer had to come in with more money, they are now living in a property that they were willing to wait all this time for. Not to mention, they got it for a great price considering what it was worth at the peak.

If you, or anyone you know, is interested in this complex, please don’t hesitate to contact me. Short sales can be a complicated and lengthy process, so if you have any questions about that too, I’d be more than willing to answer them.

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