Another successfulÂ Wachovia short sale.Â We initially spoke with the owners of this property in April of this year.Â They had a Wachovia first and aÂ ChaseÂ second mortgage with a balance of almost $330,000.Â Our initial recommendation was to see if they could get a modification from Wachovia and they agreed to give that a shot.Â After a month of going through the modification process they received notice that they did not qualify the loan mod and were instructed to attempt toÂ short saleÂ theirÂ Riverbank property. We initiated theirÂ short saleÂ and listed the home May 4th. The short sale process took 3 months from start to finish! See timeline.
WachoviaÂ balance $280,000
Chase balance $50,000 (line of credit)
April 1stÂ - Attempted to modify
May 2ndâ€“ received denial of modification
May 4thÂ â€“ Listed the property on MLS $170,000
May 10th- Seller received a full price offer $170,000
July 17th- received counter from lenders at $178,000 buyer accepted.
Â July 19thÂ â€“Â ChaseÂ approved with a deficiency judgment. We countered them with no deficiency. They came back and asked for $2,000 from seller in order to waive the deficiency. Seller accepted.
July 21st-Â Approval from Chase Mortgage. Gave notice to buyers agent.
FULL STEAM AHEAD.
Total time from start to finish: 3 months and 24 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