Ocwen short sale
We just closed a short sale with a tax lien in Elk Grove. Tax liens are not a new thing; often when people fall into financial troubles, they end up owing the Franchise Tax Board (California state taxes) along with the usual suspect, the I.R.S. If things are so rough that you can’t make your mortgage payment, you probably can’t pay the I.R.S either. When you don’t pay the government, federal or state, the government files a tax lien against you, which is recorded in the public records of the county where you own property.
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.
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.
There is a saying in the Sacramento short sale business that the third time is a charm. Agents who sell a lot of short sales might chuckle over this statement because it’s absolutely true. We don’t want to sell a home more than once, but sometimes, there is no way around it, no matter what we do. Apart from forcing a buyer we’ve tied to a chair in an empty warehouse to listen to Stuck in the Middle With You, we can’t really interrogate them.
OK, that was just a sick joke. But when you sell a home a third time, that’s where your mind goes and the sellers follow that thought process, too.