Jeff Hansen - King CondoHome
Downtown San Jose Condo & Townhouse Living
2140 Silver Vale Court And 30 E. Julian Street
I am proud to say that after somewhat lengthy processes, we have successfully closed on my two short sale listings on the same day as a matter of fact. My sellers could not be happier that we were able to handle each of their transactions as opposed to just letting the property go to foreclosure. As for the buyers, well each now have a great place to live at amazing values. The short sale process, like I’ve said time and time again, isn’t for the faint of heart. It takes motivated sellers, patient and dedicated buyers, competent agents, an incredible escrow company, knowledgeable lenders, and impeccable timing. During the short sale process, it’s typical that you’ll run into speed bumps. It’s important that the listing agent for any home going through the short sale process has fantastic follow-up with the banks, their sellers, and the buyer’s agent. Every party has to be aware that at some point during the process, the bank might request for different things such as, the buyer to pay for the delinquent HOA fees on the property, if such exists.
One huge surprise we had with the condo on Silver Vale was that we learned that the complex was in litigation with the builder, which means that a buyer would have to pay all cash because lenders won’t make loans on “condo-ownership” homes. On a side note, the buyer in escrow was not an all cash buyer. What we also learned is that there are two communities where the Silver Vale home is located. One of those communities is in litigation with the builder, however, through a lot of investigation, we found out that it had nothing to do with the structure of the buildings, meaning the lender has the ability to make a loan. If you guessed that the litigation actually had to do with the palm trees in the community, then you are a genius!
Obviously, there were other situations we had to work through for each of these transactions. My point is that there are many moving parts to short sale transactions, and they all have to work just right. If everything is resolved in a timely manner, then you could have a win-win situation. I’ve been a Realtor for 19 years, and aside from two short sale transactions, I’ve been able to work through all short sales successfully that I’ve been a part of.
If you’re a seller and want to know if the short sale route is something you want to pursue, please don’t hesitate to contact me. If you’re a buyer who needs advice on looking to purchase a short sale, please contact me as well. Hopefully you’ve learned a thing or two through this post, and please don’t forget to subscribe!
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