hafa short sale
When I initially spoke to the seller on the phone, I had suggested that she might want to move back into her home prior to initiating the short sale so we could try to qualify her for a HAFA short sale, which pays $10,000 to the seller, but that proved to be impossible once I saw the condition of the fixer home in Sacramento. My office assistant called me after entering my description of the home into MLS. Laughing, that he had never heard a Sacramento Realtor describe the home in such “honest terms.”
You won’t find one Sacramento Realtor in town who wants to sell a short sale home three times, but every so often, despite precautionary measures on the part of the listing agent, it can happen, and definitely was the primary cause of yet another short sale home taking 6 months to close escrow. It’s generally not the short sale banks. It’s the crummy buyers and, yes, even their buyer’s agents are often to blame for failing to vet the buyers.
We put this Nationstar short sale home on the market in mid April, during the hottest time of the year in Sacramento that one can possibly sell a home. It still took 2 months to get a list-price offer. Idiots were submitting lowballs, pushing, demanding, when the comparable sales clearly supported a higher price. Finding the right buyer takes longer this year but eventually one shows up.
This story of a short sale involves a home in Rocklin that other buyers passed over, while still others offered silly-ass verbal lowball offers, and everybody complained about the condition, like I could do anything about it. It was owned by a somewhat off-center, very charming guy who, according to his account, managed to ward off 24 trustee sales. His hardship was rock solid and he seemed to have a genuine interest in selling as a short sale, so I agreed to handle the sale for him.
I guess he had tried with some other Sacramento short sale agent but got nowhere with it. He was feeling a little leery, too, I could sense. The first thing I asked him to do was take down the bunker-style divider separating the back of the home from the front. He was reluctant because it kept his air conditioning bills low, but hey, sometimes ya gotta make a choice. Sell your home and pay a higher AC bill or not sell your home. Besides, he could always replace the army blanket after a showing.
Of all the crazy things that could fan the flames in an escrow, this particular case I’m about to discuss was exceptional, but then many Sacramento short sales are unique. This was also a small transaction as compared to selling luxury homes in Sacramento or in Davis — but as a Sacramento Realtor, I really don’t look at the sales price and tally my potential commission or I’d never list and sell half of the properties that I do. Or, as my husband likes to point out, still much more than his paycheck.
Here is an example of a short sale in West Sacramento that sold at the end of October and could not close until the middle of April. It certainly was not the buyer’s fault, even though that is usually the case. It was not the seller’s fault, either, nor either of the agent’s. It was due to the lovely combination of an Ocwen lender combined with Nationstar as the second lender with MI on top of the cake. Those Ocwen / Nationstar combo short sales can be complicated to bring the two sides together, but it is generally much easier when Ocwen is the first and Nationstar is the second than the other way around, let me tell you.