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Central Valley Market News

By Daniel Del Real | Agent in Modesto, CA

Riverbank Short Sale Closed

Another successful Wachovia short sale.  We initially spoke with the owners of this property in April of this year.  They had a Wachovia first and a Chase second mortgage with a balance of almost $330,000.  Our initial recommendation was to see if they could get a modification from Wachovia and they agreed to give that a shot.  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 to short sale their Riverbank property. We initiated their short sale and listed the home May 4th. The short sale process took 3 months from start to finish! See timeline.

Wachovia balance $280,000

Chase balance $50,000 (line of credit)

April 1st 
- Attempted to modify

May 2nd– received denial of modification

May 4th – 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.

July 18th- received approval from Wachovia with no deficiency judgment and $3,000 to Chase (Second lender)

 July 19th – Chase 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- Approval from Chase Mortgage. Gave notice to buyers agent.


August 26th-  Riverbank SHORT SALE CLOSED.

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. 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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