Investment Real Estate topics throughout California and sometimes further! Mario Pinedo has been a Realtor since 1991 in Silicon Valley and has sold throughout California and the West. His primary investment vehicle is multi-family rental properties. Mario focuses on major markets from San Diego, Orange County, Los Angeles, San Jose, San Francisco and northern California. He currently lives in Irvine, CA.
Wednesday, May 7, 2008
Details of a Short Sale Transaction
We are dealing with one of the largest sub-prime lenders on a short sale transaction. This lender - to remain anonymous - let's just call it Lender "C" - has a submitted offer from a buyer to purchase the very upside down home. The borrower is in dire straits and needs relief. The reply we got was that within 30 days, a "workout specialist" would be assigned to the borrower. We were asked to wait 30 days before calling back. What may I ask, is the point of this lack of haste??? Doesn't Lender C want to solve their problem situations? Isn't there a workout specialist available to talk to now? Can't we just keep pressing the 0 button on the voicemail system to talk to one? This, my friends, is the hell of buying a short sale. Granted, it is still a good deal, and you have to ask, is it worth the wait and the brain damage? Give me a conduit loan any day instead!
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