A Short Sale Home in Fair Oaks with Two Loans Closed Fast
As I drove away from my closed listing of a short sale home in Fair Oaks yesterday, I wondered why I picked up the Supra lockbox. It’s not like I can use the lockbox for anything ever again now that MetroList has rescinded its agreement to allow us to continue using our Supra lockboxes until they die. I had more than 70 lockboxes and did not exchange them all in the rip-off 2 for 1 Supra lockbox exchange because MetroList promised we could keep them. Which means now I have about 40 lockboxes rolling around in my trunk that are useless because MetroList backpedaled.
Well, I do know why I picked it up. I retrieved my lockbox because I owed it to the new buyer of that home in Fair Oaks to retrieve. Because I have a responsibility to my profession. We, Fair Oaks Realtors don’t go around leaving our personal property attached to homes in Fair Oaks, even if it’s useless to us. I wonder, though, how many agents will just leave their lockboxes? You know how some agents are.
Homeowners can thank MetroList for all those abandoned lockboxes that I predict will be happening throughout Sacramento.
The home in Fair Oaks that just closed was a short sale I had listed in MLS on May 15th. It was a Fannie Mae short sale; Seterus was the servicer for Fannie Mae, and I’ve closed hundreds of short sales since 2006, which means I have knowledge other agents do not. One of the things I know about Fannie Mae is it does not want to see any offer prior to 5 days on the market, with at least 2 of those days the weekend. Makes sense, Fannie Mae expects decent exposure on the market, no side deals. I also have an account at Fannie Mae’s portal that keeps me up-to-date on new rules and where I expedite my short sales.
We had multiple offers, too, and chose the buyer most likely to wait for approval, which is the buyer whose agent is cooperative and submits the offer the way we need it submitted for approval. You’d be amazed how many agents contest what is actually in their best interest and their client’s best interest, but what can I say?
Come August 15th, 3 months later, we had closed escrow, and there were two loans on this short sale. I also hear agents say they don’t want to deal with two loans on a short sale, probably because they’ve had bad experiences. They haven’t worked with me. I do many short sales with two loans. It’s really no big deal.
I’d say 90 days from listing to moving out of the short sale home in Fair Oaks is a fairly decent approval process. I didn’t see the buyer yesterday or I would have thanked him personally for going into escrow with us. My seller is thrilled beyond being thrilled, and extremely relieved, and that’s the most important thing to me.
P.S. Look out for those chickens in Fair Oaks.