Iâ€™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 herÂ Stockton property. After attempting to hold the property for a few months she finally decided it was time toÂ short saleÂ the property. She owed two mortgages both withÂ Wells FargoÂ with a balance of $405,000. We initiated theÂ short saleÂ on November 30thÂ of 2009. See timeline of events.
$360,000 First mortgage toÂ Wells Fargo
$45,000 Second mortgage toÂ Wells Fargo
November 30th-Â listed property on MLS $209,900
December 18thÂ â€“ received an offer from a qualified buyer. Seller accepted.
December 19thÂ â€“ sentÂ short saleÂ 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. Â FULL STEAM AHEAD.
Total time: 5 months 12 days!
I'm excited we could help this struggling homeowner get out of a very difficult financial situation.Â If you know of anyone in need of some advice please let us know. We are here to help.
Daniel Del Real,Â CRS
Del Real Group â€“ PMZ