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Central Valley Market News

By Daniel Del Real | Agent in Modesto, CA

Stockton Short Sale Closed

Stockton Short Sale Closed

I’ll keep this one short. This struggling homeowner was referred to me by a past client. She was transferred to southern California and was having issues making the payments on her Stockton property. After attempting to hold the property for a few months she finally decided it was time to short sale the property. She owed two mortgages both with Wells Fargo with a balance of $405,000. We initiated the short sale on November 30th of 2009. See timeline of events.

The numbers:

$360,000 First mortgage to Wells Fargo

$45,000 Second mortgage to Wells Fargo

November 30th- listed property on MLS $209,900

December 18th – received an offer from a qualified buyer. Seller accepted.

December 19th – sent short sale docs to Wells Fargo along with estimated proceeds.

** During the next 3.5 months we fought with Wells Fargo to get the short sale approved. They first wanted her to contribute money in order to grant short sale but after a few months of showing that she would not be able to do so they granted an approval!**

April 1st- Short sale approved at $228,000 buyer accepts counter from Wells Fargo.  FULL STEAM AHEAD.

May 12th- Closed Stockton short sale.

Total time: 5 months 12 days!

I'm excited we could help this struggling homeowner get out of a very difficult financial situation. If you know of anyone in need of some advice please let us know. We are here to help.

Daniel Del Real, CRS

Del Real Group – PMZ


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