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Barbara Grandolfo's Blog

By Barbara Grandolfo | Agent in Anaheim Hills, CA

Diary of a Short Sale - Week 3....Submission

This is third in a series chronicling a short sale from start to finish and all that is in between! 

While we are still getting many inquiries about the property, including one additional offer, the dust has started to settle.  I sent over the complete package to my short sale negotiator for submission to the bank.  Lucky for all concerned, there is only one bank to deal with which will, hopefully, make the short sale process run a bit smoother and a little shorter. 

Our next task was to open escrow.  The buyer dutifully deposited his good faith deposit into escrow, the escrow instructions were drafted and sent to all parties and the title report was ordered.  Everything is looking good, right?  Not so fast.  The title report comes back with an unexpected lien against the property stating the seller owes back child support from 1994.  If this were correct, he would have been 15 years old the time the child was born.  Since his name is fairly common, our escrow office will be able to resolve this case of mistaken identity once he submits his Statement of Information.  Surprisingly enough, this is not the first time I have encountered a lien against a property for an erroneous back child support judgment. 

Now comes the tough part, waiting but hopefully not too long.  Upon receipt of the short sale package, the next step will be for the lender to order a broker price opinion on the property to determine its value. 

Next Weeks 4 and 5...Hurry up and Wait




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